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Liberty Media Reports Third Quarter 2012 Financial Results

Stocks in this article: LMCA LMCB

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

  • Increased STARZ and ENCORE subscriptions by 9% and 5%, respectively
  • Launched STARZ PLAY and ENCORE PLAY authenticated online services
  • Raised $500 million of 5%, 7-year senior unsecured bonds at Starz
  • Filed Form 10 with the SEC in connection with the separation of Liberty Media and Starz, LLC
  • Purchased additional shares of SiriusXM increasing our ownership to 49.2%, based on shares outstanding as of October 25, 2012, and filed an application with the FCC for de jure control

“Starz again posted impressive subscriber gains and raised debt at a very attractive rate in September. We launched the STARZ PLAY and ENCORE PLAY authenticated online services,” said Greg Maffei, President and CEO of Liberty Media. “We made progress on the separation of Liberty Media and Starz, with the filing of our Form 10 with the SEC, and are still targeting the end of the year for completion.”

“We continued to increase our ownership of SiriusXM and have stated our intention to go over 50% if we receive approval from the FCC on our pending application for de jure control,” Maffei continued. “Live Nation continues to post solid results and make substantial progress in the areas of social and mobile. We are pleased that Barnes & Noble and Microsoft completed their strategic partnership in NOOK Media and are excited about the launch of the new NOOK HD and NOOK HD+ which began shipping last week.”

Liberty Media

Liberty Media’s revenue increased 3% to $555 million and adjusted OIBDA (2) increased 6% to $137 million in the third quarter. Operating income was flat for the quarter at $111 million. The increase in revenue was primarily due to an increase at Starz and ANLBC. The increase in adjusted OIBDA was primarily due to increases at ANLBC.

Starz, LLC

“As Starz prepares for the upcoming separation from Liberty Media, we are pleased with the investments we have made in quality original programming. The combination of epic originals and terrific theatrical film product helped propel us to yet another set of record highs for STARZ and ENCORE subscribers in the third quarter with 20.8 million and 34.3 million respectively,” said Chris Albrecht, Starz, LLC, CEO. “The value proposition for our premium subscription services was fortified last month with the debut of the STARZ PLAY and ENCORE PLAY TV Everywhere services. Launched first with Cox Communications, we are eager to add more features and functionality, increase device support, launch MOVIEPLEX PLAY, and sign up more distribution partners in the months ahead. On programming, Spartacus: War of the Damned, Da Vinci’s Demons, Magic City and The White Queen give us a strong pipeline of exclusive STARZ Originals that will kick off early next year.”

Starz’s revenue increased 3% to $400 million for the third quarter. Revenue increased for the Starz Distribution business and remained flat for both the Starz Channels and Starz Animation businesses. Starz’s adjusted OIBDA increased 1% to $108 million for the third quarter and operating income decreased 2% to $99 million.

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