Liberty Media Corp. (LMCA, LMCB), the media holding company controlled by billionaire John Malone, reported Wednesday an $8.06 billion profit for the first quarter that skyrocketed from last year, boosted by a hefty one-time gain.
The results reflect the inclusion of satellite radio company Sirius XM Radio, Inc. (SIRI) in its financials and the spin-off of Liberty Media from Starz (STRZA, STRZB) into a separate company on January 11, whereby Starz is reported as discontinued operations.
Liberty acquired its controlling interest in SiriusXM, a separate publicly traded company, on January 18 and has applied purchase accounting in consolidating the results of SiriusXM since that date.
"We are extremely pleased with the operating results of our newest subsidiary, SiriusXM, which grew its subscriber base to over 24 million. After an extensive search, Jim Meyer was named CEO of SiriusXM. Jim has been an integral part of SiriusXM's success and we are excited for him to lead the company going forward," President and CEO Greg Maffei said in a statement.
Englewood, Colorado-based Liberty Media reported net earnings of $8.06 billion for the first quarter, sharply higher than $150 million in the prior-year quarter. The results for the latest quarter include a one-time gain of $7.48 billion.
Adjusted operating income before depreciation and amortization or OIBDA, swung into positive territory amid an increase of $288 million to $271 million. Operating income for the quarter was $160 million, compared to an operating loss of $32 million last year.
Revenues for the quarter soared to $789 million from $35 million in the same quarter last year, aided by subscriber revenues of $635 million.
The company noted that the increase in revenue, adjusted OIBDA and operating income was primarily due to the acquisition of a controlling interest in SiriusXM.
Meanwhile, SiriusXM reported strong first-quarter results, whereby revenues grew 12 percent to a record of $897 million, aided by a 453,000 or 9 percent increase in subscribers to a record 24.4 million. Net income also increased 15 percent to $124 million from last year.
On May 1, Liberty Media completed a $2.62 billion investment in Charter Communications, Inc. (CHTR) by acquiring 27.3 percent of the outstanding equity or about 26.9 million shares and around 1.1 million warrants. Four Liberty designated directors were also appointed to Charter's board.
In Wednesday's regular trading session, LMCA is currently trading at $120.78, up $0.63 or 0.52% on a volume of 37,786 shares.
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