John Malone’s Liberty Media posted improved Q1 after the inclusion of Sirius XM Radio in its financials and the separation of Starz, which was spun off into a separate company.
Revenue increased from $35 million to $789 million in the first quarter. Adjusted operating income got into positive territory with an increase of $288 million to $271 million.
“The increase in revenue, adjusted OIBDA and operating income was primarily due to the acquisition of a controlling interest in Sirius XM,” the company said. “We are extremely pleased with the operating results of our newest subsidiary, Sirius XM, which grew its subscriber base to over 24 million,” said Greg Maffei, president and CEO of Liberty Media.
At Liberty Interactive Group, whose core asset is home-shopping channel QVC, first-quarter revenue increased 5 per cent to $2.4 billion, adjusted OIBDA rose 4 per cent to $437 million, and operating profit was roughly flat at $260 million.