Liberty Media is too important a company to ignore. But the Q1 earnings statement out this morning is a jumble after it spun off Starz and formally took control of Sirius XM. It reports net earnings of $8.1B, up from $151M in the quarter last year — almost all of the gains from transactions — on revenues of $789M, up 2,154%. Operating income, a more revealing measure in this case, came in at $160M, up from a $32M loss, while cash flow was +$288M to $271M. Basically the results reflect the generally upbeat Q1 performance of Sirius XM, which reported its results last month. In addition, Liberty says its holdings in Live Nation appreciated 35.2% since the end of 2012 to $668M, while its Barnes & Noble investment was +5% to $275M, and other investments were +7.5% to $887M. CEO Greg Maffei says that Liberty is “extremely pleased with the operating results of our newest subsidiary, Sirius XM, which grew its subscriber base to over 24M.” He adds that following Liberty’s May 1 acquisition of 27.3% in Charter Communications — giving it four board seats there — “we look forward to working with [CEO] Tom Rutledge, his team, and our fellow board members.”
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