Liberty Media Reports Strong 3Q Earnings

Liberty Media Corporation Tuesday reported third quarter 2014 results. Highlights include:

“We expect to complete the spin-off of Liberty Broadband today and look forward to the focus and clarity that it will provide for both Liberty Broadband and Liberty Media.”

• SiriusXM reported strong Q3 results
• Revenue increased 10% to a record $1.1 billion
• Adjusted EBITDA(2) climbed 29% to a record $381 million
• Net Income of $136 million was up 117%
• Share repurchases year-to-date total nearly $2.1 billion
• Raised 2014 subscriber, revenue and free cash flow guidance
• Due to share repurchases by SiriusXM, Liberty Media's ownership increased to approximately 57.5%
• Expect to complete Liberty Broadband Corporation ("Liberty Broadband") spin-off at 5 p.m. today, November 4th

"SiriusXM again posted outstanding results and raised guidance across the board," stated Greg Maffei, Liberty President and CEO. "We expect to complete the spin-off of Liberty Broadband today and look forward to the focus and clarity that it will provide for both Liberty Broadband and Liberty Media."

The media conglomerate, which owns a majority stake in SiriusXM, highlighted strong results at the satellite-radio provider. Last week, Sirius XM reported its third-quarter profit more than doubled as it added more subscribers. The company also raised its 2014 revenue outlook again. Earlier in October, Sirius authorized a $2 billion increase to its stock buyback program.

Liberty Media reported a profit of $33 million, compared to $76 million a year earlier.