Liberty Media Corporation (“Liberty Media”) (Nasdaq: LMCA, LMCB) today reported second quarter 2013 results. Highlights include
- SiriusXM reported strong Q2 results
- Subscriber base grew to 25.1 million
- Revenue of $940 million, up 12% from the second quarter of 2012
- Adjusted EBITDA (2) grew 19% to $283 million
- Net income of $126 million
- Repurchased close to $1.3 billion in shares year to date
- Due to SiriusXM's share buybacks, Liberty's stake increased to over 53%
- Charter Communications stock up over 35% since investment completed
- Liberty stake valued at $3.5 billion
- Atlanta Braves in 1 st place in the NL East by 12 games
“We are very pleased with the job Jim and his management team did this quarter. Consumers love SiriusXM and the operating performance of the business reflects that,” said Greg Maffei, President and CEO of Liberty Media. “Charter Communications has proved an attractive investment, generating a greater than 35% return since we completed the investment.”
On January 11, 2013, Liberty Media was separated from Starz. Therefore, as of the first quarter of 2013 Liberty began presenting Starz as discontinued operations. Liberty acquired its controlling interest in SiriusXM on January 18, 2013 and has applied purchase accounting and consolidated the results of SiriusXM since that date. Prior to the acquisition of Liberty's controlling interest, we accounted for the investment in SiriusXM using the equity method.
Liberty Media's revenue increased $943 million to $1,078 million in the second quarter. Adjusted OIBDA
increased $354 million to $372 million and operating income increased $234 million to $236 million. The increase in revenue, adjusted OIBDA and operating income was primarily due to the acquisition of a controlling interest in SiriusXM as discussed above.
SiriusXM reported its stand-alone second quarter results on July 26, 2013. For presentation purposes in this release, we include below the results of SiriusXM, as reported by SiriusXM, without regard to the purchase accounting adjustments applied by us for purposes of our financial statements. Liberty Media believes the presentation of financial results as reported by SiriusXM is useful to investors as the comparability of those results are best understood in the context of SiriusXM's historical financial presentation. For a reconciliation of revenue, adjusted OIBDA (as defined by Liberty Media) and operating income for SiriusXM's stand-alone operating results as reported by SiriusXM, to those results as reported by Liberty Media, see Liberty Media's Form 10-Q for the quarter ended June 30, 2013.