Liberty Media Corp. said operating profit in its latest quarter
fell, as a legal settlement offset strength in SiriusXM Holdings
Inc., in which Liberty owns a majority stake.
SiriusXM had an "outstanding" quarter, according to Liberty,
with subscribers growing 46% to 692,000. Its churn rate—which
measures subscribers dropping the service—was the lowest since the
2008 merger with XM Satellite Radio, Liberty said.
The media conglomerate, controlled by billionaire and cable
pioneer John Malone, also owns the Atlanta Braves Major League
Baseball team.
Mr. Malone's Liberty Broadband Corp., meanwhile, owns about a
quarter of Charter Communications Inc., which agreed to acquire
Time Warner Cable for $55 billion.
Aided by an 8.5% revenue increase at SiriusXM, Liberty's revenue
rose 5.3% to $1.22 billion.
The company's operating income fell by $60 million to $171
million a year earlier, though, thanks in large part to a $108
million legal settlement associated with SiriusXM. A 13% rise in
operating costs also bit into the bottom line.
Net income rose to $61 million from $50 million, boosted by a
smaller tax expense than in the year-ago quarter.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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