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Liberty Media Reports First Quarter 2012 Financial Results

Stocks in this article: LMCA LMCB

Liberty Media Corporation (“Liberty Media”) (Nasdaq: LMCA, LMCB) today reported first quarter 2012 results. Highlights include (1):

  • Increased STARZ and ENCORE subscriptions by 7% and 2%, respectively
  • Concluded season two of Spartacus: Vengeance, the STARZ Original series, on March 30, with strong, sustained viewership throughout the season
  • Debuted Magic City, the STARZ Original series, with the first three episodes available for sampling on multiple linear and digital platforms
  • Extended Starz affiliation agreements with DIRECTV and Cox Communications
  • Barnes & Noble announced a strategic investment by Microsoft in its digital and college businesses
  • Entered into a forward purchase contract for 302 million shares of SiriusXM, with a forward price of $2.15 per share for a total notional amount of $650 million. If physically settled, will increase Liberty’s ownership to 45.2% on an as-converted basis
  • Repurchased $120 million of Liberty Media stock from February 1 through April 30, 2012

“Starz again posted impressive subscriber gains and accelerated its slate of STARZ Original content with the debut of its new series, Magic City,” stated Greg Maffei, Liberty Media President and CEO. “We are very pleased that Microsoft announced an investment in Barnes & Noble’s digital and college businesses. This is validation of their strategy and provides a strong partner to help grow the eBook business both domestically and internationally on multiple platforms. We also entered into a forward purchase contract covering 302 million shares of SiriusXM, which is scheduled to close early in the third quarter. These shares will increase Liberty’s ownership to 45.2% on an as-converted basis.”

Liberty Media’s revenue decreased 55% to $440 million in the first quarter, adjusted OIBDA decreased 77% to $110 million and operating income decreased 81% to $89 million. The decrease in revenue, adjusted OIBDA and operating income was a direct result of a significant recognition of deferred revenue and costs in the previous year at our subsidiary TruePosition, Inc.

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