Liberty Media Corporation Reports Second Quarter 2014 Financial Results
August 5, 2014
Liberty Media Corporation today reported second quarter 2014 results. Highlights include:
SiriusXM reported strong Q2 results * Revenue exceeded $1.0 billion, up 10% from the second quarter of 2013 * Adjusted EBITDA(2) grew 31% to $370 million * Net income of $120 million * Share repurchases of $1.6 billion in 2014; increased authorization by $2 billion * Subscriber base grew to 26.3 million * Full-year 2014 financial guidance raised
Liberty's ownership in SiriusXM increased to approximately 56% due to their repurchases. Series C non-voting common stock (LMCK) began regular-way trading on July 24, 2014. Filed S-1 related to proposed spin-off of Liberty Broadband Corporation ("Liberty Broadband") with the SEC on July 24, 2014.
"We are pleased with the market response to the new Liberty Media Series C shares, and we are making progress with the spin-off of Liberty Broadband which we anticipate completing by year-end," said Greg Maffei, Liberty Media President and CEO. "SiriusXM posted another record-setting quarter and made a further commitment to its buyback, increasing its repurchase authorization by another $2 billion."