Liberty Media Profits Soar On SiriusXM Radio Inc (SIRI) Acquisition

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Liberty Media Profits Soar On SiriusXM Radio Inc (SIRI) Acquisition

Liberty Media Corp (NASDAQ:LMCA) (NASDAQ:LMCB) released its earnings this morning, reporting total revenue of $789 million for the first three months of the year. That’s compared to $35 million in revenue in the same quarter a year ago. Profit attributable to common shareholders was $8.06 billion, compared to $150 million in the same quarter a year ago. Net income was $124 million, an increase of 15 percent year over year.

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Liberty Media

Liberty Media’s Acquisition Of SiriusXM

The main reason Liberty Media’s revenue and profits soared year over year was the acquisition of its controlling interest in SiriusXM Radio Inc (NASDAQ:SIRI), which was completed in January. The acquisition pumped $635 million in subscriber revenue into the media company’s earnings for the first quarter.

SiriusXM Radio Inc (NASDAQ:SIRI) reported its own earnings separately on April 30, but Liberty Media reported again that the company added 453,000 subscribers during the most recently completed quarter.

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Also in January, Liberty Media Corp (NASDAQ:LMCA) (NASDAQ:LMCB) spun off its Starz network, so it began presenting Starz as discontinued operations during the first quarter.

Other Developments for Liberty Media

In today’s press release, the company said it completed its investment in Charter Communications on May 1. It now owns 27.3 percent of the company’s outstanding shares, and four of its directors have been appointed to the company’s. In addition, it bought back $71 million worth of Liberty Media shares between Feb. 1 and April 30.

As of this writing, shares of Liberty Media Corp (NASDAQ:LMCA)’s Series A were little changed, rising 0.82 percent, although shares of the company’s Series B stock (NASDAQ:LMCB) were up almost 9 percent.

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Michelle Jones is editor-in-chief for ValueWalk.com and has been with the site since 2012. Previously, she was a television news producer for eight years. She produced the morning news programs for the NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spent a short time at the CBS affiliate in Huntsville. She has experience as a writer and public relations expert for a wide variety of businesses. Email her at Mjones@valuewalk.com.
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