Liberty Media Corp. said results at its largest business, home shopping network QVC, returned to growth after a long slump, while the media conglomerate's Starz Entertainment business also improved.

Liberty, which is controlled by cable pioneer John Malone, said its board approved a $500 million Liberty Starz stock-repurchase effort and has decided not to proceed with reverse stock splits for the Liberty Capital and Liberty Interactive groups.

Declines in consumer spending and advertising dollars have weighed heavily on media companies, which were already grappling with the rise of digital platforms. Liberty has taken steps this year to restructure debt and lower credit costs.

QVC, part of the Liberty Interactive business, has been a weak spot for Liberty Media because of a broad slowdown in consumer spending. But it has cut inventory levels and limited extending credit to help lower bad-debt costs, helping it to post sequential improvement in the second quarter.

QVC's third-quarter revenue rose 1.6% to $1.66 billion, as U.S. revenue increased 2.3% and international sales were flat despite unfavorable foreign-exchange effects. Excluding items, operating income before depreciation and amortization grew 9.9%. The company not only credited its sales and cost initiatives but also noted an apparent stabilization of consumer spending in the U.S. and U.K.

Morgan Stanley analyst Benjamin Swinburne said he expects QVC's improving financial performance to continue in the holiday quarter.

However, shares of Liberty Media Holding Corp. Interactive (LINTA) fell 59 cents, or 4.9%, to $11.53.

At Starz, part of the Liberty Entertainment business, earnings before depreciation and amortization climbed 19% as revenue rose 8.2%. In the third quarter, Starz subscription units fell about 1.1%, and Chairman and Chief Executive Robert B. Clasen said some affiliates' flat or declining subscriber numbers remain a concern.

Clasen said he's encouraged by the cable industry's so-called "TV Everywhere" initiative to put on-demand cable programming online behind a subscription wall. The effort is designed to meet rising consumer demand for online video, while also preserving the cable industry's subscription revenue.

Shares of Liberty Media Corp. Series A Liberty Entertainment (LMDIA) added 16 cents, 0.5%, to $33.30.

The conglomerate is in the midst of splitting off some entertainment assets and merging its majority holdings in DirecTV Inc. (DTV) with the U.S. satellite TV operator to simplify its ownership structure. A shareholder vote is set for Nov. 19.

On a conference call with analysts following the release, Liberty Chief Executive Greg Maffei noted that the company's majority stake in DirecTV as grown to 57% from the previously reported 52% as the satellite company continues to repurchase shares. He said the search for a new chief executive at DirecTV continues after its former head, Chase Carey, recently became chief operating officer at News Corp. (NWS, NWSA), owner of this newswire and The Wall Street Journal.

Shares of Liberty Starz (LSTAV), which are trading on a "when-issued" basis in anticipation of the break-up of the company's entertainment assets, were up $2.14, or 4.6%, to $48.99.

Liberty Capital - which tracks Starz Media, TruePosition, the Atlanta Braves baseball team and holdings in Sirius XM Radio Inc. (SIRI), Time Warner Inc. (TWX), Time Warner Cable Inc. (TWC) and Sprint Nextel Corp. (S) - posted an adjusted loss before depreciation and amortization of $71 million for the quarter, compared to a year-ago loss of $92 million. Revenue declined 22% to $171 million.

Class A Shares of Liberty Media Holdings Corp. Capital (LCAPA) rose $1.23, or 5.4%, to $24.

Liberty Media doesn't provide companywide quarterly figures on its operations, instead detailing just the results of its businesses, which are broken into three groups that have their own tracking stocks. Its aggregate operating income from throughout the conglomerate rose 42% to $206 million in the quarter from $145 million a year ago.

-By Nat Worden, Dow Jones Newswires; 212-416-2472; nat.worden@dowjones.com

(Joan E. Solsman contributed to this article.)
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