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Liberty Media Corporation Reports First Quarter 2014 Financial Results

Liberty Media Corporation (“Liberty Media”) (Nasdaq: LMCA, LMCB) today reported first quarter 2014 results. Highlights include (1):

  • Today announced:
    • Plan to distribute via dividend two shares of Series C non-voting common stock (“LMCK”) for each share of LMCA and LMCB
    • Plan to spin-off Liberty Broadband Group into a new publicly-traded company called Liberty Broadband
    • Purchase of 897 thousand Charter shares for $124.5 million, resulting in 26.4% beneficial ownership of Charter’s equity
  • SiriusXM reported strong Q1 results
    • Subscriber base grew to 25.8 million
    • Revenue of $998 million, up 11% from the first quarter of 2013
    • Adjusted EBITDA (2) grew 28% to $335 million
    • Net income of $94 million
    • Repurchased 158 million shares through April 25, including shares from Liberty Media
    • Issued $1.5 billion of 6% Senior Notes due 2024 on May 6, 2014
  • Completed sale of last two tranches to SiriusXM of its shares for $340 million at $3.66 per share in April
  • Charter announced agreements with Comcast, which will make Charter the second largest US cable company; separately reported strong operating results
  • Live Nation reported solid results across all lines of business; announced Live Nation Channel on Yahoo to debut this summer
  • Completed sale of 90% of Liberty Media’s stake in Barnes & Noble in April

“Since we last reported, Liberty Media has been busy. In April, we completed the sale of $340 million of our SiriusXM shares back to SiriusXM and also sold 90% of our stake in Barnes & Noble. Today, we announced our plan to distribute non-voting Series C shares of Liberty Media, our plan to spin-off Liberty Broadband Group into a separate publicly-traded company and our purchase of additional Charter shares, which increased our beneficial ownership to 26.4%,” said Greg Maffei, Liberty Media President and CEO. “We believe a separate Liberty Broadband will offer investors greater choice and transparency, and is well timed with Charter’s agreements with Comcast which will result in Charter owning or serving over eight million video customers. We anticipate completing the distribution of the Series C shares in the third quarter and the spin-off by the end of the year.”

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