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Liberty Media 1Q net income soars

Liberty Media posts big increase in 1st-qtr net income helped by controlling stake in SiriusXM

Associated Press

ENGLEWOOD, Colo. (AP) -- Liberty Media Corp., the holding company controlled by billionaire John Malone, said Wednesday its first-quarter net income soared, helped by contributions from its newly acquired controlling interest in satellite radio company Sirius XM.

Liberty posted a profit attributable to common shareholders of $8.06 billion, up from $150 million a year ago. The company didn't give per-share figures.

Revenue jumped to $789 million from $35 million. The recent quarter period included $635 million in subscriber revenue, while the year-ago quarter included none.

In January 2013, Liberty both spun off its Starz premium pay TV channel subsidiary and acquired its controlling interest in SiriusXM.

Sirius XM added 453,000 subscribers during the recent quarter, bringing its total to $24.4 million. Its net income rose 15 percent to $124 million, while revenue rose 12 percent to $897 million.

Liberty Media shares added 91 cents to $121.06 in morning trading.

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