Liberty Media Q2 Profit Falls - Quick Facts

(RTTNews) - Liberty Media Corp. (LMCA, LMCB) reported second quarter 2013 net earnings attributable to stockholders of $96 million, down from $937 million last year. Earnings from continuing operations for the quarter slip to $158 million from $867 million last year.

On January 11, 2013, Liberty Media was separated from Starz. Therefore, as of the first quarter of 2013 Liberty began presenting Starz as discontinued operations. Liberty acquired its controlling interest in SiriusXM on January 18, 2013 and has applied purchase accounting and consolidated the results of SiriusXM since that date. Prior to the acquisition of Liberty's controlling interest, the company accounted for the investment in SiriusXM using the equity method, Liberty Media said .

Liberty Media's revenue increased $943 million to $1.078 billion in the second quarter. Adjusted OIBDA increased $354 million to $372 million and operating income increased $234 million to $236 million. The increase in revenue, adjusted OIBDA and operating income was primarily due to the acquisition of a controlling interest in SiriusXM.