http://www.morningstar.com/earnings/49120133-starz-class-a-strza-q4-2012.aspx

Starz Class A STRZA
Q4 2012 Earnings Call Transcript

Transcript Call Date 02/27/2013

Operator: Good day, everyone, and welcome to the Liberty Media Corporation Quarterly Earnings Q4 2012 Earnings Call. Today's call is being recorded.

At this time, for opening remarks and introductions, I would like to turn the call over to Courtnee Ulrich, Vice President of Investor Relations. Please go ahead.

Courtnee Ulrich - IR: Good afternoon. This call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about financial guidance, business strategies, market potential, future financial performance, new service and product launches, and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including without limitation, possible changes in market acceptance of new products or services, competitive issues, regulatory issues, and continued access to capital on terms acceptable to Liberty Media.

These forward-looking statements speak only as of the date of this call and Liberty Media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in Liberty Media's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.

On today's call, we will discuss certain non-GAAP financial measures, including adjusted OIBDA. The required definitions and reconciliations, preliminary notes and schedules 1 through 3 can be found at the end of this presentation.

Now, I'd like to introduce Greg Maffei, Liberty Media's President and CEO.

Gregory B. Maffei - President and CEO: Thank you, Courtnee, and good afternoon. Today, speaking on the call besides myself, there will be Chris Shean, our CFO. If we spin off anymore elements, I'm going to be alone on this call. But on to the highlights.

This is the first since the separation from Starz which was completed on January 11. As a part of that transaction, Liberty Media received cash of $1.2 billion. This transaction, we think, highlighted the value of Starz which is up about 19% since we began trading. The results as of 12/31 which we'll speak to includes Starz but the commentary about the Starz business was delivered by Chris Albrecht on the prior call and we're not going to talk anymore about Starz on this call.

SiriusXM was a highlight. We received approval for a de jure control from the SEC on January 3rd. We bought some incremental shares which increased our ownership over 50%. Our stake is now worth about $10.1 billion based on yesterday's close. As a part of taking that de jure control, we added additional directors to the Board and we continue to search for a new CEO at SiriusXM. Apart of all this, we're very pleased with the strong results there. Subscribers were up to 23.9 million. 2012 revenue was up 13%, and 2012 adjusted EBITDA was up 26%.

Turning now to Barnes & Noble; the NOOK Media division there received another strategic investment, verifying value and I think direction; $89.5 million from Pearson, that's in addition to the prior investments that were made by Microsoft. At Live Nation, they had a very solid quarter, posting results yesterday, notably constant sales for 2013, were up 58%.

Read our Earnings Call Transcript disclaimer.
Add a Comment
E-mail me new replies.