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Liberty Media Financials Show SiriusXM Revenues Up 12%, Live Nation Rises 11%
February 28, 2014 at 5:45 AM (PT)
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LIBERTY MEDIA CORPORATION has reported fourth quarter and year end 2013 results. Highlights include:
- SIRIUSXM reported strong Q4 results. Subscriber base grew to 25.6 million
- Revenue of $1 billion, up 12% from the fourth quarter of 2012
- Adjusted EBITDA grew 41% to $326 million
- Net income of $65 million
- Repurchased $1.8 billion in shares in 2013, including shares from LIBERTY MEDIA
- Affirmed 2014 guidance: revenue of over $4 billion, Adjusted EBITDA of approximately $1.38 billion, net subscriber additions of approximately 1.25 million and free cash flow approaching $1.1 billion
- Completed sale of first tranche of Liberty Media owned SIRI shares to SIRIUSXM in NOVEMBER 2013 for a total of $160 million
- Announced proposal to acquire the remaining equity of SIRIUSXM not owned by LIBERTY MEDIA
- LIVE NATION reported record performance in 2013 with revenue up 11% to $6.5 billion and profitability in operating income of $140 million
- Repurchased 5.8% of LMCA outstanding shares in 2013
“SIRIUSXM again posted record results for the fourth quarter and full year 2013. JIM and his team continue to execute on the core business while addressing new customer segments and offering enhanced services,” said Pres./CEO GREG MAFFEI. “In JANUARY, we announced a proposal to acquire the rest of the SIRIUSXM equity not owned by Liberty. We believe this combination will simplify the capital structure, further align management and provide ultimate strategic and financial flexibility. We are responding to requests for information from the representatives of SIRIUSXM’s special committee.”
SiriusXM
SIRIUSXM reported its stand-alone fourth quarter and year end results on FEBRUARY 4, 2014. Highlights of SIRIUSXM's earnings release included the following:
- 2013 record revenue of $3.8 billion, up 12%
- Net income of $377 million in 2013
- Adjusted EBITDA climbs 27% in 2013 to $1.17 billion
- 2013 free cash flow(2) of $927 million, up 31% ? Operating Cash Flow of $1.1b in 2013
- Fourth quarter revenue exceeds $1 billion, Adjusted EBITDA climbs 41%

