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TheStreet Open House

Liberty Media Reports Third Quarter 2013 Financial Results

Liberty Media Corporation (“Liberty Media”) (Nasdaq: LMCA, LMCB) today reported third quarter 2013 results. Highlights include (1):

  • SiriusXM reported strong Q3 results
  • Subscriber base grew to 25.6 million
  • Revenue of $962 million, up 11% from the third quarter of 2012
  • Adjusted EBITDA (2) grew 21% to $296 million
  • Net income of $63 million
  • Repurchased $1.6 billion in shares from January 1 through September 30, 2013
  • Issued initial 2014 guidance; revenue of over $4.0 billion and Adjusted EBITDA of approximately $1.38 billion
  • Reached repurchase agreement with SiriusXM to repurchase $500 million of SIRI shares from Liberty Media
  • Acquired 5.2% of outstanding Liberty Media common stock from Comcast Corporation in October
  • Issued $1.0 billion principal of 1.375% Cash Convertible Senior Notes due 2023 in October

“It was a busy October for Liberty. We completed a transaction with Comcast which resulted in our repurchase of 6.3 million Liberty Media shares or 5.2% of our outstanding shares which takes total repurchases to over 51%,” said Greg Maffei, President and CEO of Liberty Media. “We also reached an agreement with SiriusXM for them to repurchase $500 million of their shares from us. Finally, we received a very positive response to our 1.375% convertible senior notes offering which was upsized to $1 billion from $500 million.”

Liberty Media

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.

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