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Liberty Media Reports Fourth Quarter And Year End 2012 Financial Results

Stocks in this article: LMCA LMCB

The following financial information with respect to Liberty Media’s equity affiliates and available for sale securities is intended to supplement Liberty Media’s consolidated balance sheet and statement of operations to be included in its Form 10-K.

Fair Value of Public Holdings

(amounts in millions)     9/30/2012     12/31/2012
SiriusXM debt and equity (1)     $ 8,429     $ 9,621
Live Nation debt and equity (2) 444 494
Barnes & Noble investment (3) 223 262
Other public holdings (4) 1,265     825
Total Liberty Media     $ 10,361     $ 11,202
(1)   Represents the fair value of Liberty Media’s debt and equity investments in SiriusXM. In accordance with GAAP, Liberty Media has accounted for its equity investment in SiriusXM using the equity method of accounting and has included this in its consolidated balance sheet at historical carrying value of $2,656 million and $2,766 million at September 30, 2012 and December 31, 2012, respectively. Beginning in the first quarter of 2013, Liberty Media will consolidate SiriusXM.
(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 $412 million and $406 million at September 30, 2012 and December 31, 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 other 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)     9/30/2012     12/31/2012
Cash and liquid investments (1) $ 1,179     $ 1,420
Less: Short-term marketable securities 10 67
Total Liberty Media Cash (GAAP) $ 1,169     $ 1,353
 
Debt:
Starz bank facility (2) 5 5
Starz 5% senior notes (2) 500 500
Other Starz debt (2) 36     35
Total Liberty Media Debt (GAAP) $ 541     $ 540
(1)   Includes $10 million and $67 million of short-term marketable securities with an original maturity greater than 90 days as of September 30, 2012 and December 31, 2012, respectively.
(2) This debt remained with Starz in the January 2013 separation.
 

Total Liberty Media cash and liquid investments increased $241 million, primarily as a result of proceeds received from disposition of securities, the special dividend from SiriusXM and repayment of loans from investees. These inflows were partially offset by investments in cost and equity investees, stock repurchases and payments on financial instruments. Total Liberty Media debt was relatively unchanged.

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