Liberty Media Reports Third Quarter 2011 Financial Results
Liberty Media Corporation (“Liberty”) (Nasdaq: LCAPA, LCAPB, LSTZA, LSTZB) today reported third quarter results for Liberty Capital group and Liberty Starz group. Highlights include (1):
- Increased STARZ and ENCORE subscriptions by 9% and 3%, respectively
- Premiered the new Starz Original series, Boss, starring Kelsey Grammer, to positive reviews
- Announced new series, Da Vinci’s Demons, the first series under the Starz partnership with BBC Worldwide
- Acquired Barnes & Noble 7.75% convertible preferred stock which converts into a 16.6% common equity stake
- Repurchased $51 million of Liberty Starz stock from August 1 st through October 31 st, 2011
- Repurchased $169 million of Liberty Capital stock from August 1 st through October 31 st, 2011
“Starz continued to post impressive subscriber gains and strong financial results,” stated Greg Maffei, Liberty President and CEO. “It was a busy quarter as we completed the split-off of Liberty Capital and Liberty Starz from Liberty Interactive and made a strategic investment in Barnes & Noble. We also took advantage of the soft equity markets and repurchased shares in both Liberty Starz and Liberty Capital.”
LIBERTY STARZ GROUP – The results for Starz for the three months ended September 30 th, 2011 include the legacy Starz Entertainment business and the legacy Starz Media business , due to the Starz Media reattribution (effective as of September 30 th, 2010). For discussion purposes, the historical results for the legacy Starz Media businesses have been combined with the historical results of the legacy Starz Entertainment businesses, including the impacts of intercompany eliminations, for the three months ended September 30 th, 2010.
Starz’s revenue decreased 2% to $389 million for the third quarter, primarily as a result of a decrease in the number of theatrical films released on home video, a decrease in revenue from Animation, and no theatrical films released in 2011 as compared to 2010. The overall decrease was partially offset by revenue growth resulting from a $7 million increase due to higher effective rates for the Starz Channels' services and a $5 million increase due to growth in the average number of subscriptions for the Starz Channels' services.
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