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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV