Liberty 1Q Earnings: SiriusXM Reports Strong Results

Liberty Media Corporation today reported first quarter 2014 results. Highlights include:

Today announced:

• Plan to distribute via dividend two shares of Series C non-voting common stock (“LMCK”) for each share of LMCA and LMCB
• Plan to spin-off Liberty Broadband Group into a new publicly-traded company called Liberty Broadband
• Purchase of 897 thousand Charter shares for $124.5 million, resulting in 26.4% beneficial ownership of Charter’s equity

SiriusXM reported strong Q1 results

• Subscriber base grew to 25.8 million
• Revenue of $998 million, up 11% from the first quarter of 2013
• Adjusted EBITDA(2) grew 28% to $335 million
• Net income of $94 million
• Repurchased 158 million shares through April 25, including shares from Liberty Media
• Issued $1.5 billion of 6% Senior Notes due 2024 on May 6, 2014
• Completed sale of last two tranches to SiriusXM of its shares for $340 million at $3.66 per share in April

Charter announced agreements with Comcast, which will make Charter the second largest US cable company; separately reported strong operating results.  Live Nation reported solid results across all lines of business; announced Live Nation Channel on Yahoo to debut this summer.  Completed sale of 90% of Liberty Media’s stake in Barnes & Noble in April.