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Liberty Media Reports First Quarter 2012 Financial Results

Stocks in this article: LMCALMCB

Liberty Media Corporation owns interests in a broad range of media, communications and entertainment businesses. Those interests include its subsidiaries Starz, LLC, Atlanta National League Baseball Club, Inc., and TruePosition, Inc., interests in SiriusXM and Live Nation and minority equity investments in Barnes & Noble, Time Warner Inc. and Viacom.

FOOTNOTES

1)   Liberty Media’s President and CEO, Gregory B. Maffei, will discuss these highlights and other matters in Liberty Media’s earnings conference call which will begin at 11:45 a.m. (ET) on May 8, 2012. For information regarding how to access the call, please see “Important Notice” later in this document.
2) For a definition of adjusted OIBDA and applicable reconciliations see the accompanying schedules.
 

NOTES

Unless otherwise noted, the foregoing discussion compares financial information for the three months ended March 31, 2012 to the same period in 2011.

The following financial information is intended to supplement Liberty Media’s condensed consolidated statements of operations to be included in its Form 10-Q.

       

Fair Value of Public Holdings

(amounts in millions)       12/31/2011     3/31/2012
SiriusXM debt and equity (1) $ 5,092 6,368
Live Nation debt and equity (2) 350 392
Barnes & Noble investment (3) 253 232
Non-strategic public holdings (4)   1,187     1,175
Total Liberty Media     $ 6,882     8,167
 
(1)   Represents the fair value of Liberty Media’s debt and equity investments in SiriusXM. The fair value of Liberty Media’s convertible preferred stock is calculated on an as-if-converted basis into common stock. In accordance with GAAP, Liberty Media accounts for the convertible preferred stock using the equity method of accounting and includes this in its consolidated balance sheet at historical carrying value.
(2) Represents the fair value of Liberty Media’s debt and equity investments. In accordance with GAAP, Liberty Media accounts for its investment in the equity of Live Nation using the equity method of accounting and includes it in its consolidated balance sheet at its historical carrying value.
(3) Represents the carrying value of Liberty Media’s preferred equity investment in Barnes & Noble, which is accounted for at fair value on Liberty Media’s balance sheet.
(4) Represents Liberty Media’s non-strategic public holdings which are accounted for at fair value.
 

Cash and Debt

The following presentation is provided to separately identify cash and liquid investments and debt information.

       
(amounts in millions)   12/31/2011     3/31/2012
Cash and liquid investments (1) (2) $ 2,369 2,234
Less: Short-term marketable securities   299     319
Total Liberty Media Cash (GAAP) $ 2,070     1,915
 
Debt:
Bank investment facility $ 750 --
Starz bank facility 505 505
Other   40     39
Total Liberty Media Debt (GAAP) $ 1,295     544
 
(1)   Includes $299 million and $319 million of short-term marketable securities with an original maturity greater than 90 days as of December 31, 2011 and March 31, 2012, respectively.
(2) Excludes $660 million of restricted cash on December 31, 2011 associated with the bank investment facility which matured in March 2012.
 

Total Liberty Media cash and liquid investments decreased $135 million, primarily as a result of stock repurchases made during the quarter and payments related to financial instruments. These outflows were partially offset by cash provided by operating activities. Total Liberty Media debt decreased by $751 million as a result of the debt repayment on the bank investment facility and capital lease payments.

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