Liberty Media posts earnings of $5.5 billion
Staff and wire reports
Thursday, May 8, 2008
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Douglas County-based Liberty Media Corp. earned $5.5 billion in its first quarter, it said, primarily because of a gain from the sale of its 16 percent stake in News Corp.
Revenue rose 11 percent to $2.4 billion. The company's QVC shopping channel, however, reported a modest 5 percent increase, with U.S. results described as disappointing.
During the quarter, the company, controlled by billionaire John Malone, completed its purchase of a controlling stake in DirecTV, the country's largest satellite-TV provider, and issued a new tracking stock, Liberty Entertainment.
Starz reported a 3 percent increase in revenues to $273 million.
Revenue rose because of price hikes for Starz and Encore channels, while profit margins narrowed on higher advertising expenses for a Starz branding campaign. Liberty Interactive Group, including QVC Shopping Network and a variety of online assets, reported a 10 percent increase in revenue.
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