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Liberty Media Reports Third Quarter 2012 Financial Results

Stocks in this article: LMCALMCB

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

Fair Value of Public Holdings

           
(amounts in millions)   6/30/2012 9/30/2012
SiriusXM debt and equity (1) $ 5,283 8,429
Live Nation debt and equity (2) 384 444
Barnes & Noble investment (3) 277 223
Non-strategic public holdings (4)   1,219 1,265
Total Liberty Media $ 7,163 10,361
(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 its equity investment in SiriusXM using the equity method of accounting and includes this in its consolidated balance sheet at historical carrying value of $80 million and $2,656 million at June 30, 2012 and September 30, 2012, respectively.
(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 of $349 million and $412 million at June 30, 2012 and September 30, 2012, respectively.
(3) Represents the carrying value of Liberty Media’s preferred equity investment in Barnes & Noble, which is accounted for at fair value.
(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)         6/30/2012       9/30/2012
Cash and liquid investments (1) $ 1,813 1,179
Less: Short-term marketable securities   10 10
Total Liberty Media Cash (GAAP) $ 1,803 1,169
 
Debt:
Starz bank facility 505 5
Starz 5% senior notes -- 500
Other   38 36
Total Liberty Media Debt (GAAP) $ 543 541
(1)       Includes $10 million of short-term marketable securities with an original maturity greater than 90 days as of June 30, 2012 and September 30, 2012.

Total Liberty Media group cash and liquid investments decreased $634 million, primarily as a result of investment activities associated with SiriusXM. These outflows were partially offset by cash provided by operating activities and proceeds received from the disposition of securities. Total Liberty Media debt decreased by $2 million, as a result of capital lease payments.

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