Liberty Media Posts $215-Million Loss
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Liberty Media Corp., the cable-television company run by billionaire John Malone, reported a third-quarter loss as operating costs almost doubled.
The company, split off from AT&T; Corp. in August, had a loss of $215 million, or 8 cents a share, compared with net income of $1.76 billion, or 68 cents a share, a year earlier. Sales rose 19% to $521 million. Year-ago results include a $2.65-billion gain from the sale of TV Guide Inc. shares to Gemstar-TV Guide International Inc.
The company was expected to post a loss of 1 cent a share, the average estimate of analysts polled by Thomson Financial/First Call.
Liberty Media said its investments in companies such as AOL Time Warner Inc., News Corp., Viacom Inc. and Motorola Inc. increased to $22.2 billion as of Sept. 30, from $19 billion as of Dec. 31, 2000.
Results were announced after the close of regular trading. Shares of Liberty Media were up 52 cents at $12.98 on the New York Stock Exchange.
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