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Liberty Media Reports Fourth Quarter And Year End 2012 Financial Results

Liberty Media Corporation (“Liberty Media”) (Nasdaq: LMCA, LMCB) today reported fourth quarter and year end 2012 results. Highlights include (1):
  • Completed separation from Starz on January 11
    • Received $1.2 billion in connection with the spin-off
  • Received approval from FCC for de jure control of SiriusXM
    • Purchased additional 50 million SiriusXM shares in January
    • Converted remaining preferred shares into common shares
    • Resulting ownership interest above 50%, which resulted in consolidation
  • Purchased additional shares of Live Nation, increasing Liberty ownership to approximately 27%
  • Repurchased $78 million of Liberty Media shares from November 1, 2012 through January 11, 2013, pre-Starz separation, and repurchased $52 million of Liberty Media shares from January 14, 2013 through January 31, 2013, post-Starz separation

“We were pleased to receive approval from the FCC for de jure control of SiriusXM and subsequently increased our ownership interest above 50%,” said Greg Maffei President and CEO of Liberty Media. “SiriusXM again posted strong results and ended the year with almost 24 million subscribers. We increased our ownership stake in Live Nation and are encouraged by the growth in their ticket sales for 2013. At Barnes & Noble, we were pleased by the strategic investment by Pearson in NOOK Media.”

Liberty Media

On January 11, 2013 Liberty Media was spun-off from Starz. The financials as of December 31, 2012 include the financial results of Starz. Liberty will present Starz as discontinued operations when reporting results in the first quarter of 2013. Pro forma, Liberty Media had $1.8 billion in cash and no debt at the time of the spin-off.

Liberty Media’s revenue decreased 52% to $467 million in the fourth quarter and 34% to $2 billion for the year. Adjusted OIBDA decreased 76% to $77 million for the quarter and 58% to $450 million for the year. Operating income decreased 91% to $25 million for the quarter and 66% to $326 million for the year. The decrease in revenue, adjusted OIBDA and operating income was primarily related to a one-time recognition of deferred revenue and costs at TruePosition in the prior year.

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