Liberty Media's Profit Rises Sharply

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 [e-mail]

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