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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Charter Communications Inc New | NASDAQ:CHTR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.83 | 0.87% | 327.42 | 321.07 | 327.98 | 328.41 | 319.27 | 324.59 | 1,510,391 | 21:02:05 |
By Lisa Beilfuss
Liberty Media Corp. said operating profit in its latest quarter fell, as a legal settlement offset strength in SiriusXM Holdings Inc., in which Liberty owns a majority stake.
SiriusXM had an "outstanding" quarter, according to Liberty, with subscribers growing 46% to 692,000. Its churn rate--which measures subscribers dropping the service--was the lowest since the 2008 merger with XM Satellite Radio, Liberty said.
The media conglomerate, controlled by billionaire and cable pioneer John Malone, also owns the Atlanta Braves Major League Baseball team.
Mr. Malone's Liberty Broadband Corp., meanwhile, owns about a quarter of Charter Communications Inc., which agreed to acquire Time Warner Cable for $55 billion.
Aided by an 8.5% revenue increase at SiriusXM, Liberty's revenue rose 5.3% to $1.22 billion.
The company's operating income fell by $60 million to $171 million a year earlier, though, thanks in large part to a $108 million legal settlement associated with SiriusXM. A 13% rise in operating costs also bit into the bottom line.
Net income rose to $61 million from $50 million, boosted by a smaller tax expense than in the year-ago quarter.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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