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TheStreet Open House

Liberty Media Reports Fourth Quarter And Year End 2013 Financial Results

Stocks in this article: LMCA LMCB

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

  • SiriusXM reported strong Q4 results
    • Subscriber base grew to 25.6 million
    • Revenue of $1 billion, up 12% from the fourth quarter of 2012
    • Adjusted EBITDA (2) grew 41% to $326 million
    • Net income of $65 million
    • Repurchased $1.8 billion in shares in 2013, including shares from Liberty Media
    • Affirmed 2014 guidance: revenue of over $4 billion, Adjusted EBITDA of approximately $1.38 billion, net subscriber additions of approximately 1.25 million and free cash flow (2) approaching $1.1 billion
  • Completed sale of first tranche of Liberty Media owned SIRI shares to SiriusXM in November 2013 for a total of $160 million
  • Announced proposal to acquire the remaining equity of SiriusXM not owned by Liberty Media
  • Live Nation reported record performance in 2013 with revenue up 11% to $6.5 billion and profitability in operating income of $140 million
  • Repurchased 5.8% of LMCA outstanding shares in 2013

“SiriusXM again posted record results for the fourth quarter and full year 2013. Jim and his team continue to execute on the core business while addressing new customer segments and offering enhanced services,” said Greg Maffei, President and CEO of Liberty Media. “In January, we announced a proposal to acquire the rest of the SiriusXM equity not owned by Liberty. We believe this combination will simplify the capital structure, further align management and provide ultimate strategic and financial flexibility. We are responding to requests for information from the representatives of SiriusXM’s special committee.”

Liberty Media

Liberty Media 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 Media's controlling interest, we accounted for the investment in SiriusXM using the equity method.

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