Liberty Media Reports Q3 Financials, SiriusXM Up 11%

Good SiriusXM Report

LIBERTY MEDIA CORP. has 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 grew 21% to $296 million
• Net income of $63 million
• Repurchased $1.6 billion in shares from JANUARY 1st through SEPTEMBER 30th, 2013
• Issued initial 2014 guidance; revenue of over $4.0 billion and Adjusted EBITDA of approximately $1.38 billion
• 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 CORP. in OCTOBER
• Issued $1.0 billion principal of 1.375% Cash Convertible Senior Notes due 2023 in OCTOBER

“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 LIBERTY MEDIA Pres./CEO GREG MAFFEI “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.”

Highlights of SIRIUSXM's earnings release included the following:

• Record revenue of $962 million, up 11% from third quarter of 2012
• Net income of $63 million
• Adjusted EBITDA grew 21% to a record $296 million
• Repurchased $1.6 billion in shares from JANUARY 1st through SEPTEMBER 30th, 2013
• Issued initial 2014 guidance; revenue of over $4.0 billion and Adjusted EBITDA of approximately $1.38 billion.

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