Liberty Media Corp. said operating profit in its latest quarter fell as a legal settlement offset strength in SiriusXM Holdings Inc., in which Liberty owns a majority stake.
SiriusXM had an “outstanding” quarter, according to Liberty, with subscribers growing 46 percent to 692,000. Its churn rate—which measures subscribers dropping the service—was the lowest since the 2008 merger with XM Satellite Radio, Liberty said.
The media conglomerate, controlled by billionaire and cable pioneer John Malone, also owns the Atlanta Braves Major League Baseball team.
Malone’s Liberty Broadband Corp., meanwhile, owns about a quarter of Charter Communications Inc., which agreed to acquire Time Warner Cable for $55 billion.
Aided by an 8.5 percent revenue increase at SiriusXM, Liberty’s revenue rose 5.3 percent to $1.22 billion.
The company’s operating income fell by $60 million to $171 million a year earlier, though, thanks in large part to a $108 million legal settlement associated with SiriusXM. A 13 percent rise in operating costs also bit into the bottom line.
Net income rose to $61 million from $50 million, boosted by a smaller tax expense than in the year-ago quarter.
