Liberty Media Reports Strong Year For SiriusXM

Liberty Media Corporation today reported fourth quarter and year end 2016 results. Highlights include:

Attributed to Liberty SiriusXM Group:

• SiriusXM reported strong full-year 2016 results
• 2016 revenue climbed 10% to $5.0 billion
• Net subscriber growth in 2016 of 1.75 million
• SiriusXM beat 2016 guidance on all metrics
• Net income rose 46% to $746 million and adjusted EBITDA(2) grew 13% to $1.88 billion in 2016
• 2016 operating cash flow grew 38% to $1.72 billion and free cash flow(2) rose 15% to $1.51 billion
• Liberty Media’s ownership of SiriusXM stood at 67.1% as of January 31st

“It was another stellar quarter and year for SiriusXM, beating guidance across the board,” said Greg Maffei, Liberty President and CEO. “We were excited to close the F1 acquisition in January, to appoint Chase Carey as CEO in addition to his role as Chairman and to introduce the Formula One Group to the market. The sod goes in this week at SunTrust Park, and we look forward to the Braves’ opening day on April 14th.”

Meanwhile, Liberty Interactive Corp., the parent of home shopping network QVC, posted a 16% decline in profit in the final quarter of the year amid slower consumer demand in the U.S., according to The Wall Street Journal.

Liberty’s chief executive, Greg Maffei, who previously said QVC is moving into a “choppy retail environment,” said Tuesday that QVC continues to perform well internationally, “while domestically we are focusing on strengthening a few merchandise categories that have been weak.”

Mike George, the head of QVC, said the company has “strong action plans in place,” and is confident it can return the U.S. business to growth.