By Maria Armental
Liberty Media Corp.'s (LMCA, LMCB) profit more than doubled in
the fourth quarter, boosted by higher membership as well as gains
from its cable business spinoff and its ownership stake in
satellite-radio provider SiriusXM Holdings Inc. (SIRI).
The media conglomerate is controlled by billionaire John Malone,
considered a pioneer of the cable industry, and it owns majority
stakes in SiriusXM and the Major League Baseball club in Atlanta,
the Braves.
The satellite-radio provider this month reported its
fourth-quarter profit more than doubled as it continued to add
subscribers.
Overall, Liberty Media reported a profit of $143.1 million, up
from $65.2 million a year earlier.
Revenue rose nearly 7% to $1.1 billion.
Analysts surveyed by Thomson Reuters expected revenue of $1.09
billion.
It affirmed its financial projections for the year and
expectation of ending the year with an additional 1.2 million
subscribers.
Shares, largely inactive in recent after-hours trading, closed
at $38.71 on Wednesday.
Through the closing, the company's Class A stock had risen
nearly 9% over the past 12 months.
Write to Maria Armental at maria.armental@wsj.com
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