Liberty Media Corp. (LMCA, LMCB) reported that its first-quarter net earnings attributable to stockholders surged to $8.06 billion from $150 million in the year ago quarter. The latest quarter results included a one-time gain of $7.479 billion.
On January 11, 2013 Liberty Media was separated from Starz (STRZA, STRZB). Therefore, Liberty said as of the first quarter of 2013, it began presenting Starz as discontinued operations.
Liberty acquired its controlling interest in SiriusXM on January 18, 2013 and has applied purchase accounting in consolidating the results of SiriusXM since that date. Prior to the acquisition of Liberty's controlling interest, it said it accounted for its investment in SiriusXM using the equity method.
Liberty Media's revenue increased $754 million to $789 million in the first quarter. Adjusted OIBDA increased $288 million to $271 million and operating income increased $192 million to $160 million. The increase in revenue, adjusted OIBDA and operating income was primarily due to the acquisition of a controlling interest in SiriusXM.
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