Tuesday, November 5, 2013

Liberty Reports Strong Q3 Results For SiriusXM

Profit surges..Interactive up 3.1%

Liberty Media Corporation today reported third quarter 2013 results.

Highlights include:
  • SiriusXM reported strong Q3 results
  • Subscriber base grew to 25.6 million
  • Revenue of $962 million, up 11% from the third quarter of 2012
  • Adjusted EBITDA(2) grew 21% to $296 million
  • Net income of $63 million
  • Repurchased $1.6 billion in shares from January 1 through September 30, 2013
  • Reached repurchase agreement with SiriusXM to repurchase $500 million of SIRI shares from Liberty Media
  • Acquired 5.2% of outstanding Liberty Media common stock from Comcast Corporation in October
  • Issued $1.0 billion principal of 1.375% Cash Convertible Senior Notes due 2023 in October
Greg Maffei

"It was a busy October for Liberty. We completed a transaction with Comcast which resulted in our repurchase of 6.3 million Liberty Media shares or 5.2% of our outstanding shares which takes total repurchases to over 51%," said Greg Maffei, President and CEO of Liberty Media.

"We also reached an agreement with SiriusXM for them to repurchase $500 million of their shares from us. Finally, we received a very positive response to our 1.375% convertible senior notes offering which was upsized to $1 billion from $500 million."

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