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Liberty Media Reports Fourth Quarter And Year End 2012 Financial Results

Stocks in this article: LMCALMCB

Starz, LLC

Starz’s revenue decreased 2% to $423 million for the fourth quarter and increased 1% to $1.6 billion for the year. The decrease in revenue for the fourth quarter was primarily a result of a decrease in Starz Distribution revenue due to fewer titles available from The Weinstein Company and a decrease in revenue from Starz Networks primarily due to the non-renewal of the Netflix agreement. The increase in revenue for the year was primarily as a result of increases in revenue from the Starz Distribution and Starz Networks businesses which were partially offset by a decrease in revenue for the Starz Animation business.

Adjusted OIBDA increased 10% to $102 million for the fourth quarter and decreased 1% to $445 million for the year. The increase in adjusted OIBDA for the fourth quarter was primarily due to fewer exhibitions at Starz Networks of first-run (first window) films and higher utilization of second window films licensed under our output agreements with Disney and Sony and decreased advertising and marketing costs associated with original programming. Starz Networks did not have a new original series premiere during the fourth quarter of 2012, while the first season of the original series Boss premiered in October 2011. Starz Networks’ increase was partially offset by increased production and acquisition costs at Starz Distribution due to revisions made to ultimate revenue estimates which resulted in impairments to capitalized production and acquisition costs for certain titles.

The decrease in adjusted OIBDA for the year was primarily due to increased production and acquisition costs at Starz Distribution resulting from the revisions made in the fourth quarter to the ultimate revenue estimates as mentioned above. This decrease in adjusted OIBDA was partially offset by lower advertising and marketing costs at Starz Networks resulting from one fewer Starz original series premiere during 2012. Starz Networks had three new original series or new season premieres in 2012 as compared to four in 2011. Consolidated Eliminations also contributed to the decrease due to fewer exhibitions of Overture Films’ titles on Starz Networks during 2012. Operating income was flat for the fourth quarter and decreased 4% to $406 million for the year.

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