DENVER (AP) - Liberty Media Corp.'s first-quarter revenue rose in all three
of its business units, which include QVC and Starz television channels and a
stake in DirecTV, the company said Thursday.
The company, controlled by cable magnate John Malone, also reported a 24
percent increase in consolidated cash to $3.9 billion but did not provide net
income or per-share figures for the three months ended March 31. Each of its
three units has a separate tracking stock.
"We're pleased with some of the operational and structural progression we've
made," Chief Executive Officer Greg Maffei told analysts during a conference
call.
Liberty Media performed well in the first quarter, said Janco Partners
analyst April Horace. "QVC's results were essentially flat year over year but in
today's economic times, flat's pretty good," she said.
Liberty Interactive Group, including QVC Shopping Network and a variety of
online assets, reported a 10-percent increase in revenue. QVC's consolidated
revenue increased 5 percent to $1.77 billion.
QVC CEO Mike George acknowledged that the results were below overall targets
although its international revenue rose 15 percent to $589 million due to
favorable exchange rates, higher sales in Germany and more subscribers in Japan
and Great Britain.
Liberty Entertainment Group, which includes Starz Entertainment LLC, a
48-percent stake in satellite TV provider DirecTV and other assets, reported an
11-percent increase in revenue.
Of that, Starz Entertainment posted a 3 percent increase in revenue to $273
million, bolstered by rate hikes for its premium channels. Subscribers to both
its Starz and Encore premium channels rose to 48 million from 44 million in a
year-over-year comparison.
Liberty Capital, which includes the Atlanta Braves and interests in Time
Warner Inc. and Sprint Nextel Corp., reported a 26-percent increase in revenue.
The company, based in suburban Englewood, Colorado, credited the increase to the
acquisition of the Major League Baseball team among other assets.
The results were released shortly before the stock market closed Thursday.
Liberty Entertainment shares closed unchanged at $27; Liberty Interactive shares
rose 4 cents to close at $15.62 and Liberty Capital's stock dipped 8 cents to
$15.71 a share.
Copyright 2008 Associated Press. All rights reserved. This material may not be
published, broadcast, rewritten, or redistributed.
|