ENGLEWOOD, Colo., May 8 /PRNewswire-FirstCall/ -- Liberty Media
Corporation ("Liberty")
(NASDAQ:LCAPANASDAQ:LCAPBNASDAQ:LINTANASDAQ:LINTBNASDAQ:LMDIANASDAQ:LMDIB)
today reported first quarter results for Liberty Capital group,
Liberty Interactive group and Liberty Entertainment group.
Highlights include(1): -- Announced agreement to combine Liberty
Entertainment Inc. with DIRECTV after the quarter's end -- Posted
strong results at Starz Entertainment with revenue up 8% and an
adjusted OIBDA(2) increase of 46% -- Invested $400 million in
senior debt of SIRIUS XM and acquired preferred stock convertible
into a 40% equity stake in the company, attributable to Liberty
Capital -- Eliminated virtually all counterparty risk by borrowing
against and settling the major derivative positions attributed to
Liberty Capital -- In April, voluntarily retired $750 million face
amount of Exchangeable Debentures attributed to Liberty Capital at
a significant discount to face value -- Grew revenue at our
eCommerce group by 29% and adjusted OIBDA by 14% "During the
quarter, we completed an attractive investment in Sirius XM, had
good operating results at Starz and our eCommerce businesses
despite the economic environment, and strengthened our balance
sheet," stated Greg Maffei, Liberty President and CEO. "After the
quarter ended we were pleased to reach an agreement to combine
Liberty Entertainment with DIRECTV simplifying the ownership
structure and eliminating the discount in the stock's trading price
to its underlying value." LIBERTY INTERACTIVE GROUP - Liberty
Interactive group's revenue decreased 6% to $1.8 billion and
adjusted OIBDA decreased 15% to $341 million for the first quarter.
Decreases in revenue and adjusted OIBDA were due to results at QVC
partially offset by the favorable results at the eCommerce
companies. QVC QVC's first quarter consolidated revenue decreased
10% to $1.6 billion and adjusted OIBDA decreased 18% to $319
million. "QVC continued to face a difficult retail environment with
a reduction in consumer spending experienced not only in the US but
in each of our international markets," stated Mike George, QVC
President and CEO. "This negatively impacted our US and UK results
and slowed our growth rates in Germany and Japan. In navigating
through this economic crisis, we are taking advantage of our unique
position to adjust our product offerings and air time mix to focus
on growing product categories while pulling back on weaker ones. We
introduced numerous new product brands and programming initiatives
to engage our customers, and these actions are starting to take
hold as the US first quarter decline in net revenue slowed compared
to the fourth quarter last year. QVC continues to strategically
invest in infrastructure technology enhancements that will enable
us to improve the overall customer experience while maintaining a
proactive approach to cost control, inventory management and credit
extension." QVC's domestic revenue decreased 10% to $1.1 billion
and adjusted OIBDA decreased 21% to $222 million compared to the
first quarter of 2008. The mix of product shifted from the jewelry
area to the home products area and to a lesser extent, accessories.
The average selling price increased 6% from $48.09 to $51.07 while
total units shipped declined to 22.5 million from 26.9 million.
Returns as a percent of gross product revenue decreased from 19.3%
to 18.0% primarily due to a shift in the mix from jewelry products
to home products which typically have lower return rates. QVC.com
sales as a percentage of domestic sales grew from 24% in the first
quarter of 2008 to 28% in the first quarter of 2009. The domestic
adjusted OIBDA margin decreased 281 basis points to 21% for the
quarter primarily due to a lower gross margin percentage, a higher
bad debt provision as well as not achieving leverage on fixed
costs. The lower gross margin percentage reflects a shift in the
mix to lower margin home products, particularly electronics, and
lower initial product margins across all product areas. These
decreases in adjusted OIBDA margin were partially offset by an
increase in QCard income. QVC's Q1 international revenue decreased
8% to $540 million including the impact of unfavorable foreign
currency exchange rates in the UK and Germany. International
adjusted OIBDA decreased 8% to $97 million and adjusted OIBDA
margin remained flat in the first quarter. Excluding the effect of
exchange rates, QVC's international revenue increased by 1% and
adjusted OIBDA remained flat. Revenue increased 6% in Japan and 3%
in Germany and decreased 6% in the UK for the quarter. QVC Japan's
revenue grew 6% in local currency during the first quarter. Japan
achieved shipped unit growth of 9% for the quarter showing an
increase in jewelry, apparel and accessories product categories.
Japan's average selling price decreased 2% during the first
quarter. Japan experienced a lower gross margin percentage in the
first quarter primarily due to lower initial margins in the jewelry
and accessories product categories. QVC Germany's revenue in local
currency increased 3% in the first quarter. QVC Germany's average
selling price increased 2% while units shipped remained constant.
Germany experienced a higher gross margin percentage in the first
quarter primarily due to a favorable obsolescence provision
partially offset by lower initial product margins in the home and
jewelry product categories. The accessories category, including
beauty products, which showed an increase in initial margins,
increased as a percentage of total products sold from 15% to 24% in
the first quarter. QVC UK's revenue in local currency decreased 6%
in the first quarter due to a decline in jewelry and home product
sales, offset slightly by an increase in sales of apparel products.
The UK's average selling price in local currency increased 4% for
the quarter while units shipped decreased 8%. QVC's outstanding
bank debt was $5.23 billion and the company was in compliance with
its debt covenants at March 31, 2009. eCommerce Businesses Liberty
Interactive's eCommerce businesses, which include Provide Commerce,
Backcountry.com, Bodybuilding.com and BUYSEASONS, had positive
financial results in the first quarter. In the aggregate, the
eCommerce businesses increased revenue by 29% to $238 million and
adjusted OIBDA by 14% to $25 million. The increase in revenue was
primarily driven by strong organic growth at all eCommerce
companies combined with two small acquisitions made during 2008.
The increase in adjusted OBIDA was primarily driven by revenue
growth. Share Repurchases There were no share repurchases of
Liberty Interactive stock during the first quarter of 2009. Liberty
has approximately $740 million remaining under its Liberty
Interactive stock repurchase authorization. The businesses and
assets attributed to Liberty Interactive group are engaged in, or
are ownership interests in companies that are engaged in, video and
on-line commerce, and currently include Liberty's subsidiaries QVC,
Provide Commerce, Backcountry.com, Bodybuilding.com and BUYSEASONS
and its interests in IAC/InterActiveCorp, HSN, Ticketmaster
Entertainment, Tree.com, Interval Leisure Group, Expedia and GSI
Commerce. Liberty has identified wholly-owned QVC as the principal
operating segment of Liberty Interactive group. LIBERTY
ENTERTAINMENT GROUP - Liberty Entertainment group's revenue
increased 19% to $369 million and adjusted OIBDA increased 63% to
$132 million for the quarter. The increase in revenue was primarily
due to the addition of the Liberty Sports Group which was acquired
in March 2008 and revenue growth at Starz Entertainment. The
increase in adjusted OIBDA was primarily due to increases at Starz
Entertainment combined with the Liberty Sports Group acquisition.
Starz Entertainment, LLC Starz Entertainment's revenue increased by
8% to $296 million and adjusted OIBDA increased by 46% to $108
million. The revenue increase of $23 million was due to a $13
million increase in rates and a $10 million increase resulting from
growth in the average number of subscription units. Starz and
Encore, the two principal service offerings of Starz Entertainment,
experienced average subscription unit increases of 8% and 2%
respectively, when compared to the same period of 2008. Starz
Entertainment's operating expenses decreased 6% for the quarter.
The decrease in operating expense was primarily due to a reduction
in license fees and G&A expenses. The decrease in licensing
fees is due to a reduction in the percentage of first-run movie
exhibitions (which have a relatively higher cost per title) as
compared to the number of library product exhibitions, partially
offset by higher effective rates and the amortization of production
costs for original series. The decrease in G&A was primarily
due to lower personnel costs. Starz LLC chairman and CEO Robert B.
Clasen said, "Our results demonstrate the demand for Starz services
for our affiliates and consumers. To enhance the service's value we
continue to invest in our original programming strategy. During the
quarter, we aired the second season of our original comedy series
"Head Case" and the first season of a companion half-hour comedy
"Party Down." We also announced that this fall we will air the
second season of "Crash" co-produced with Lionsgate and early next
year we will premiere "Spartacus," the first hour-long dramatic
series produced by sister company Starz Media. We also pushed
forward in introducing new services, announcing at the Cable Show
in April, an enhancement to our channels which allows a viewer who
tunes into a program after it has started to start the program over
from the beginning with just two clicks of the remote control."
Share Repurchases There were no share repurchases of Liberty
Entertainment stock during the first quarter of 2009. Liberty has
$1 billion remaining under its Liberty Entertainment stock
repurchase authorization. The businesses and assets attributed to
Liberty Entertainment group are engaged in, or are ownership
interests in companies that are engaged in, television and internet
distribution and programming, and currently include Liberty's
subsidiaries Starz Entertainment, Liberty Sports Group, and
PicksPal, and its interests in equity affiliates GSN LLC, WildBlue
Communications and DIRECTV. Liberty has identified Starz
Entertainment as the principal operating segment of Liberty
Entertainment group. As previously noted, Liberty issued the
Liberty Entertainment group tracking stock on March 4, 2008. The
assets and businesses attributed to the Liberty Entertainment group
were previously attributed to the Liberty Capital group. For
purposes of presentation, we treat the assets and businesses
attributed to the Liberty Entertainment group as though they had
been attributed to the group since January 1, 2008. LIBERTY CAPITAL
GROUP - Liberty Capital group's revenue increased 37% to $125
million while its adjusted OIBDA deficit decreased by $27 million
for the quarter representing a 46% decrease. The increase in
revenue was primarily due to a $38 million increase in home video
revenue at Starz Media, which was almost entirely due to home video
sales of Overture Films movies released theatrically in 2008. The
decrease in the adjusted OIBDA deficit was primarily due to the
difference in theatrical and home video revenue and related
expenses associated with films released by Overture Films in 2008.
Starz LLC Chairman and CEO Robert B. Clasen said, "We were pleased
with the first quarter performance at Starz Media which benefitted
from the release of movies from Overture Films on DVD in late 2008
and early 2009. Theatrically, Overture released the indie hit
"Sunshine Cleaning" which continues to perform well at the box
office." Share Repurchases From January 31, 2009 through April 30,
2009, Liberty repurchased 556,000 shares of Series A Liberty
Capital common stock at an average cost per share of $6.05 for
total cash consideration of $3.4 million. Since the
reclassification of Liberty Capital tracking stock on March 4, 2008
through April 30, 2009, Liberty has repurchased 33.8 million shares
at an average cost per share of $14.25 for total cash consideration
of $481 million. These repurchases represent 26.1% of the shares
outstanding. Liberty has approximately $119 million remaining under
its Liberty Capital stock repurchase authorization. The businesses
and assets attributed to Liberty Capital group are all of Liberty's
businesses and assets other than those attributed to the Liberty
Interactive group and Liberty Entertainment group and include its
subsidiaries Starz Media, TruePosition, Atlanta National League
Baseball Club (the owner of the Atlanta Braves), and its interests
in Time Warner, Time Warner Cable and Sprint Nextel. FOOTNOTES 1)
Liberty's President and CEO, Gregory B. Maffei, will discuss these
highlights and other matters in Liberty's earnings conference call
which will begin at 12:00pm (ET) on May 8, 2009. For information
regarding how to access the call, please see "Important Notice" on
page 9. 2) For a definition of adjusted OIBDA and applicable
reconciliations, see the accompanying schedules. NOTES Liberty
Media Corporation operates and owns interests in a broad range of
video and on-line commerce, media, communications and entertainment
businesses. Those interests are currently attributed to three
tracking stock groups: Liberty Interactive group, Liberty
Entertainment group and Liberty Capital group. Unless otherwise
noted, the foregoing discussion compares financial information for
the three months ended March 31, 2009 to the same period in 2008.
Certain prior period amounts have been reclassified for
comparability with the 2009 presentation The following financial
information is intended to supplement Liberty's consolidated
statements of operations to be included in its Form 10-Q. Fair
Value of Public Holdings and Derivatives December March 31, 31,
2008 2009 (amounts in millions and include the value of
derivatives) InterActiveCorp $638 549 InterActiveCorp Spin-Off
Companies (1) 325 248 Expedia (1) 570 629 Other 101 122 Total
Attributed Liberty Interactive Group $1,634 1,548 DIRECTV (1)
12,757 12,711 Total Attributed Liberty Entertainment Group $12,757
12,711 Non Strategic Public Holdings (2) 3,895 3,807 Total
Attributed Liberty Capital Group $3,895 3,807 (1) Represents fair
value of Liberty's investments in the InterActiveCorp spin-off
companies (HSN, Ticketmaster Entertainment, Interval Leisure Group,
and Tree.com), Expedia and DIRECTV and associated financial
instruments. In accordance with GAAP, Liberty accounts for these
investments using the equity method of accounting and includes
these investments in its consolidated balance sheet at their
historical carrying values. (2) Represents Liberty's non-strategic
public holdings which are accounted for at fair value including any
associated equity derivatives on such investments. Also includes
the liability associated with borrowed shares which totaled $392
million and $387 million at December 31, 2008 and March 31, 2009,
respectively. Cash and Debt The following presentation is provided
to separately identify cash and liquid investments and debt
information. December March 31, 31, 2008 2009 (amounts in millions)
Cash and Cash Related Investments Attributable to: Liberty
Interactive Group $832 939 Liberty Entertainment Group 807 874
Liberty Capital Group (1) 1,496 2,845 Total Liberty Consolidated
Cash (GAAP) $3,135 4,658 Short-Term Investments Attributed to
Liberty Capital Group (2) 104 35 Debt: Senior Notes and Debentures
(3) $1,712 1,712 Senior Exchangeable Debentures 551 541 QVC Bank
Credit Facility 5,230 5,225 Other 60 70 Total Attributed Liberty
Interactive Group Debt 7,553 7,548 Less: Unamortized Discount (9)
(9) Less: Fair Market Value Adjustment (413) (343) Total Attributed
Liberty Interactive Group Debt (GAAP) 7,131 7,196 Liberty
Derivative Borrowing 1,981 1,999 Other 52 50 Total Attributed
Liberty Entertainment Group Debt 2,033 2,049 Less: Fair Market
Value Adjustment -- -- Total Attributed Liberty Entertainment Group
Debt (GAAP) 2,033 2,049 Senior Exchangeable Debentures (4) 3,440
3,438 Bank Credit Facility 750 750 Liberty Derivative Borrowing 625
2,263 Other 135 108 Total Attributed Liberty Capital Group Debt
4,950 6,559 Less: Fair Market Value Adjustment (1,887) (1,715)
Total Attributed Liberty Capital Group Debt (GAAP) 3,063 4,844
Total Consolidated Liberty Debt (GAAP) $12,227 14,089 (1) Does not
include $518 million and $538 million of restricted cash on
December 31, 2008 and March 31, 2009, respectively, that is
reflected in other long-term assets in Liberty's condensed
consolidated balance sheet. Please see discussion related to
Investment Fund in the footnotes to Liberty's condensed
consolidated financial statements to be included in its Form 10-Q.
(2) Represents the estimated fair value of Liberty's holdings in
The Reserve Primary Fund. While Liberty expects to receive
substantially all of its current holdings in the Primary Fund, it
cannot be predicted when this will occur or the amount that will be
received. Accordingly, Liberty has reclassified the investment from
cash and cash equivalents to short-term investments. Additionally,
Liberty has $34 million in other long term assets related to its
share of the Reserve Primary Fund's contingency reserve. On April
17, 2009, Liberty received a $24 million distribution from the
Primary Fund. (3) Face amount of Senior Notes and Debentures with
no reduction for the unamortized discount. (4) Face amount of
Senior Exchangeable Debentures with no reduction for the fair
market value adjustment. Total attributed Liberty Interactive group
cash and liquid investments increased $107 million compared to
December 31, 2008 primarily due to proceeds from the sale of
InterActiveCorp common stock and cash flow from QVC operations.
Total attributed Liberty Interactive group debt remained flat
compared to December 31, 2008. Total attributed Liberty
Entertainment group cash and liquid investments increased $67
million compared to December 31, 2008 primarily due to cash flow
from Starz Entertainment operations and a distribution from GSN.
Total attributed Liberty Entertainment group debt slightly
increased compared to December 31, 2008 due to accreted interest
expense on the derivative borrowing. Total attributed Liberty
Capital group cash and liquid investments and short-term
investments increased $1,349 million compared to December 31, 2008
due to borrowings against certain equity collars and tax sharing
payments received from Liberty Interactive group and Liberty
Entertainment group. These sources of cash were partially offset by
Liberty's investment in Sirius XM. Total attributed Liberty Capital
group debt increased $1,609 million compared to December 31, 2008
due to borrowings against certain equity collars mentioned above.
As previously announced, subsequent to the end of the quarter,
Liberty Capital retired $750 million face amount of exchangeable
debt. Important Notice: Liberty Media Corporation
(NASDAQ:LCAPANASDAQ:LCAPBNASDAQ:LINTANASDAQ:
LINTBNASDAQ:LMDIANASDAQ:LMDIB) President and CEO, Gregory B. Maffei
will discuss Liberty's earnings release in a conference call which
will begin at 12:00pm (ET) on May 8, 2009. The call can be accessed
by dialing (877) 741-4248 or (719) 325-4834 at least 10 minutes
prior to the start time. Replays of the conference call can be
accessed through 2:30 p.m. (ET) on May 22, 2009 by dialing (719)
457-0820 or (888) 203-1112 plus the pass code 2044993#. The call
will also be broadcast live across the Internet and archived on our
website. To access the webcast go to
http://www.libertymedia.com/events. Links to this press release
will also be available on the Liberty Media web site. This press
release includes certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements about financial guidance, business strategies,
market potential, future financial performance, new service and
product launches and other matters that are not historical facts.
These forward-looking statements involve many risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements, including,
without limitation, possible changes in market acceptance of new
products or services, competitive issues, regulatory issues, the
effect of recessionary economic conditions on Liberty's business
strategies and ability to access to capital on acceptable terms,
the completion of the proposed split-off of a majority of the
businesses of the Liberty Entertainment group and the completion of
the related business combination with DIRECTV. These forward
looking statements speak only as of the date of this press release,
and Liberty expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statement contained herein to reflect any change in Liberty's
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.
Please refer to the publicly filed documents of Liberty, including
the most recent Forms 10-Q and 10-K for additional information
about Liberty and about the risks and uncertainties related to
Liberty's business which may affect the statements made in this
press release. Additional Information Nothing in this presentation
shall constitute a solicitation to buy or an offer to sell shares
of Liberty Entertainment, Inc. (LEI), the new DIRECTV, any of the
Liberty Media tracking stocks or shares of the new company to be
issued pursuant to the merger agreement with DIRECTV. The offer and
sale of shares in the proposed split-off and the related business
combination with DIRECTV will only be made pursuant to one or more
effective registration statements. Liberty stockholders and other
investors are urged to read the registration statements to be filed
with the SEC, including the proxy statement/prospectuses to be
contained therein, because they will contain important information
about these transactions. A copy of the registration statements and
the proxy statement/prospectuses, once filed, will be available
free of charge at the SEC's website (http://www.sec.gov/). Copies
of the filings together with the materials incorporated by
reference therein can also be obtained, without charge, by
directing a request to Liberty Media Corporation, 12300 Liberty
Boulevard, Englewood, Colorado 80112, Attention: Investor
Relations, Telephone: (720) 875-5408. Participants in a
Solicitation The directors and executive officers of Liberty and
other persons may be deemed to be participants in the solicitation
of proxies in respect of proposals to approve the transactions.
Information regarding the directors and executive officers of each
of Liberty, LEI and the new DIRECTV and other participants in the
proxy solicitation and a description of their respective direct and
indirect interests, by security holdings or otherwise, will be
available in the proxy materials to be filed with the SEC.
SUPPLEMENTAL INFORMATION As a supplement to Liberty's consolidated
statements of operations, to be included in its Form 10-Q, the
following is a presentation of quarterly financial information and
operating metrics on a stand-alone basis for the three largest
privately held businesses (QVC, Starz Entertainment, and Starz
Media) owned by or in which Liberty held an interest at March 31,
2009. Please see below for the definition of adjusted OIBDA and a
discussion of management's use of this performance measure.
Schedule 2 to this press release provides a reconciliation of
adjusted OIBDA for each identified entity to that entity's
operating income for the same period, as determined under GAAP.
QUARTERLY SUMMARY (amounts in millions) 1Q08 2Q08 3Q08 4Q08 1Q09
Liberty Interactive Group QVC (100%) Revenue - Domestic 1,176 1,181
1,073 1,481 1,053 Revenue - International 589 580 568 655 540
Revenue - Total 1,765 1,761 1,641 2,136 1,593 Adjusted OIBDA -
Domestic 281 286 221 282 222 Adjusted OIBDA - International 106 101
91 134 97 Adjusted OIBDA - Total 387 387 312 416 319 Operating
Income 250 253 175 278 178 Gross Margin - Domestic 36.4% 37.0%
34.3% 32.1% 34.2% Gross Margin - International 36.8% 37.3% 35.7%
36.6% 37.0% Liberty Entertainment Group STARZ ENTERTAINMENT (100%)
Revenue 273 275 278 285 296 Adjusted OIBDA 74 68 78 81 108
Operating Income 60 53 63 (1,151) 95 Subscription Units - Starz
16.8 17.0 17.4 17.7 18.1 Subscription Units - Encore 31.4 31.3 31.6
31.7 31.9 Liberty Capital Group STARZ MEDIA (100%) Revenue 62 57
104 98 102 Adjusted OIBDA (24) (19) (82) (64) 5 Operating Income
(27) (22) (86) (260) 2 NON-GAAP FINANCIAL MEASURES This press
release includes a presentation of adjusted OIBDA, which is a
non-GAAP financial measure, for each of Liberty's tracking stock
groups and each of QVC, Starz Entertainment and Starz Media
together with a reconciliation to that group's or entity's
operating income, as determined under GAAP. Liberty defines
adjusted OIBDA as revenue less cost of sales, operating expenses,
and selling, general and administrative expenses (excluding stock
and other equity-based compensation) and excludes from that
definition depreciation and amortization and restructuring and
impairment charges that are included in the measurement of
operating income pursuant to GAAP. Liberty believes adjusted OIBDA
is an important indicator of the operational strength and
performance of its businesses, including the ability to service
debt and fund capital expenditures. In addition, this measure
allows management to view operating results and perform analytical
comparisons and benchmarking between businesses and identify
strategies to improve performance. Because adjusted OIBDA is used
as a measure of operating performance, Liberty views operating
income as the most directly comparable GAAP measure. Adjusted OIBDA
is not meant to replace or supersede operating income or any other
GAAP measure, but rather to supplement such GAAP measures in order
to present investors with the same information that Liberty's
management considers in assessing the results of operations and
performance of its assets. Please see the attached schedules for
applicable reconciliations. SCHEDULE 1 The following table provides
a reconciliation of adjusted OIBDA for each of Liberty Interactive
group, Liberty Entertainment group, and Liberty Capital group to
that group's operating income calculated in accordance with GAAP
for the three months ended March 31, 2008, June 30, 2008, September
30, 2008, December 31, 2008 and March 31, 2009, respectively.
(amounts in millions) 1Q08 2Q08 3Q08 4Q08 1Q09 Liberty Interactive
Group Adjusted OIBDA 401 410 312 432 341 Depreciation and
Amortization (139) (136) (143) (143) (147) Stock Compensation
Expense (5) (12) (8) (7) (10) Impairment of Long-Lived Assets -- --
-- (56) -- Operating Income 257 262 161 226 184 Liberty
Entertainment Group Adjusted OIBDA 81 62 74 107 132 Depreciation
and Amortization (12) (12) (12) (12) (11) Stock Compensation
Expense (7) (15) (15) 21 (17) Impairment of Long-Lived Assets -- --
-- (1,262) -- Operating Income 62 35 47 (1,146) 104 Liberty Capital
Group Adjusted OIBDA (59) (40) (89) (106) (32) Depreciation and
Amortization (26) (28) (24) (23) (20) Stock Compensation Expense
(4) -- (1) 3 (1) Impairment of Long-Lived Assets -- -- -- (251) --
Operating Loss (89) (68) (114) (377) (53) The following table
provides a reconciliation of adjusted OIBDA to earnings from
continuing operations before income taxes and minority interest for
the three months ended March 31, 2008 and 2009, respectively.
(amounts in millions) 2008 2009 Liberty Interactive Group $401 341
Liberty Entertainment Group 81 132 Liberty Capital Group (59) (32)
Consolidated adjusted OIBDA $423 441 Consolidated segment adjusted
OIBDA $423 441 Stock-based compensation (16) (28) Depreciation and
amortization (177) (178) Interest expense (166) (154) Share of
earnings (losses) of affiliates 45 (66) Realized and unrealized
(losses) on derivative instruments, net (285) (244) Gains (losses)
on dispositions, net 3,682 (2) Other, net 57 (16) Earnings (loss)
from continuing operations before income taxes and minority
interest $3,563 (247) SCHEDULE 2 The following table provides a
reconciliation of adjusted OIBDA for QVC, Starz Entertainment and
Starz Media to that entity's operating income calculated in
accordance with GAAP for the three months ended March 31, 2008,
June 30, 2008, September 30, 2008, December 31, 2008 and March 31,
2009, respectively. (amounts in millions) 1Q08 2Q08 3Q08 4Q08 1Q09
Liberty Interactive Group QVC (100%) Adjusted OIBDA 387 387 312 416
319 Depreciation and Amortization (132) (129) (135) (135) (137)
Stock Compensation Expense (5) (5) (2) (3) (4) Operating Income 250
253 175 278 178 Liberty Entertainment Group STARZ ENTERTAINMENT
(100%) Adjusted OIBDA 74 68 78 81 108 Depreciation and Amortization
(4) (5) (4) (5) (4) Stock Compensation Expense (10) (10) (11) 12
(9) Impairment of Long-Lived Assets -- -- -- (1,239) -- Operating
Income (Loss) 60 53 63 (1,151) 95 Liberty Capital Group STARZ MEDIA
(100%) Adjusted OIBDA (24) (19) (82) (64) 5 Depreciation and
Amortization (3) (2) (4) (3) (3) Stock Compensation Expense -- (1)
-- (1) -- Impairment of Long-Lived Assets -- -- -- (192) --
Operating (Loss) (27) (22) (86) (260) 2 DATASOURCE: Liberty Media
Corporation CONTACT: Courtnee Ulrich, +1-720-875-5420, for Liberty
Media Corporation Web Site: http://www.libertymedia.com/
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