Liberty Media Corp. Interactive Common S (LINTA, Financial) filed Quarterly Report for the period ended 2010-03-31.
Liberty Media Corp. Interactive Common S has a market cap of $8.33 billion; its shares were traded at around $14.68 with and P/S ratio of 1.2. LINTA is in the portfolios of Wallace Weitz of Weitz Wallace R & Co, Mason Hawkins of Southeastern Asset Management, Donald Yacktman of Yacktman Asset Management Co., Bill Nygren of Oak Mark Fund, Dodge & Cox, Steven Cohen of SAC Capital Advisors, Chris Davis of Davis Selected Advisers, Jim Simons of Renaissance Technologies LLC, Jeremy Grantham of GMO LLC, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
The term "Capital Group" also does not represent a separate legal entity, rather it represents all of our businesses, assets and liabilities that we have attributed to it. The Capital Group has attributed to it all of our businesses, assets and liabilities not attributed to the Interactive Group or the Starz Group, including our subsidiaries Starz Media, ANLBC, Leisure Arts, TruePosition and WFRV TV Station, and minority equity investments in SIRIUS XM, Live Nation, Time Warner Inc. and Sprint Nextel Corporation. In addition, as of March 31, 2010, we have attributed $2,480 million of cash, including subsidiary cash, and $2,267 million principal amount of our exchangeable senior debentures and other parent debt to the Capital Group. The Capital Group will also include such other businesses that our board of directors may in the future determine to attribute to the Capital Group, including such other businesses as we may acquire for the Capital Group.
Revenue. Our consolidated revenue increased 10.9% for the three month period ended March 31, 2010, as compared to the corresponding prior year period. The three month increase is due primarily to increases for QVC ($169 million) with additional increases from Starz Media ($42 million), our e-commerce businesses ($25 million) and Starz Entertainment ($9 million). See Management's Discussion and Analysis for each of our tracking stock groups below for a more complete discussion of the results of operations of certain of our subsidiaries.
Consolidated Adjusted OIBDA increased $28 million or 6.8% for the three months ended March 31, 2010 as compared to the corresponding prior year period. The three month increase is due to an increase at QVC ($49 million) offset by decreases at Starz Media ($12 million), the e-commerce businesses ($9 million) and Starz Entertainment ($2 million). See Management's Discussion and Analysis for each of our tracking stock groups below for a more complete discussion of the results of operations of certain of our subsidiaries.
We recorded $39 million and $28 million of stock compensation expense for the three months ended March 31, 2010 and 2009, respectively. The increase in stock compensation expense in 2010 relates to our liability classified awards due to an increase in our stock prices and to increased amortization of outstanding option awards. As of March 31, 2010, the total unrecognized compensation cost related to unvested Liberty equity awards was approximately $236 million. Such amount will be recognized in our consolidated statements of operations over a weighted average period of approximately 3 years.
Operating income. Our consolidated operating income increased $28 million for the three months ended March 31, 2010 as compared to the corresponding prior year period. The three month increase is primarily the net result of the increases for QVC ($55 million) and Starz Entertainment ($4 million) with offsets from Starz Media ($11 million), the e-commerce businesses ($9 million) and an increase in our corporate stock compensation.
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Liberty Media Corp. Interactive Common S has a market cap of $8.33 billion; its shares were traded at around $14.68 with and P/S ratio of 1.2. LINTA is in the portfolios of Wallace Weitz of Weitz Wallace R & Co, Mason Hawkins of Southeastern Asset Management, Donald Yacktman of Yacktman Asset Management Co., Bill Nygren of Oak Mark Fund, Dodge & Cox, Steven Cohen of SAC Capital Advisors, Chris Davis of Davis Selected Advisers, Jim Simons of Renaissance Technologies LLC, Jeremy Grantham of GMO LLC, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
Highlight of Business Operations:
the change in attribution from the Interactive Group to the Capital Group of Liberty's 14.6% ownership interest in Live Nation Entertainment, Inc.; the change in attribution from the Capital Group to the Interactive Group of the following debt securities: $469 million in principal amount of 4% Exchangeable Senior Debentures due 2029 (the "2029 Exchangeables"); $460 million in principal amount of 3.75% Exchangeable Senior Debentures due 2030 (the "2030 Exchangeables"); and $492 million in principal amount of 3.5% Exchangeable Senior Debentures due 2031 (the "2031 Exchangeables", and together with the 2029 Exchangeables and the 2030 Exchangeables, the "Exchangeable Notes"); the change in attribution from the Capital Group to the Interactive Group of approximately $830 million in net taxable income to be recognized ratably in tax years 2014 through 2018 as a result of the cancellation in April 2009 of $400 million in principal amount of 2029 Exchangeables and $350 million in principal amount of 2030 Exchangeables; and the change in attribution from the Capital Group to the Interactive Group of $807 million in cash. I-31The term "Capital Group" also does not represent a separate legal entity, rather it represents all of our businesses, assets and liabilities that we have attributed to it. The Capital Group has attributed to it all of our businesses, assets and liabilities not attributed to the Interactive Group or the Starz Group, including our subsidiaries Starz Media, ANLBC, Leisure Arts, TruePosition and WFRV TV Station, and minority equity investments in SIRIUS XM, Live Nation, Time Warner Inc. and Sprint Nextel Corporation. In addition, as of March 31, 2010, we have attributed $2,480 million of cash, including subsidiary cash, and $2,267 million principal amount of our exchangeable senior debentures and other parent debt to the Capital Group. The Capital Group will also include such other businesses that our board of directors may in the future determine to attribute to the Capital Group, including such other businesses as we may acquire for the Capital Group.
Revenue. Our consolidated revenue increased 10.9% for the three month period ended March 31, 2010, as compared to the corresponding prior year period. The three month increase is due primarily to increases for QVC ($169 million) with additional increases from Starz Media ($42 million), our e-commerce businesses ($25 million) and Starz Entertainment ($9 million). See Management's Discussion and Analysis for each of our tracking stock groups below for a more complete discussion of the results of operations of certain of our subsidiaries.
Consolidated Adjusted OIBDA increased $28 million or 6.8% for the three months ended March 31, 2010 as compared to the corresponding prior year period. The three month increase is due to an increase at QVC ($49 million) offset by decreases at Starz Media ($12 million), the e-commerce businesses ($9 million) and Starz Entertainment ($2 million). See Management's Discussion and Analysis for each of our tracking stock groups below for a more complete discussion of the results of operations of certain of our subsidiaries.
We recorded $39 million and $28 million of stock compensation expense for the three months ended March 31, 2010 and 2009, respectively. The increase in stock compensation expense in 2010 relates to our liability classified awards due to an increase in our stock prices and to increased amortization of outstanding option awards. As of March 31, 2010, the total unrecognized compensation cost related to unvested Liberty equity awards was approximately $236 million. Such amount will be recognized in our consolidated statements of operations over a weighted average period of approximately 3 years.
Operating income. Our consolidated operating income increased $28 million for the three months ended March 31, 2010 as compared to the corresponding prior year period. The three month increase is primarily the net result of the increases for QVC ($55 million) and Starz Entertainment ($4 million) with offsets from Starz Media ($11 million), the e-commerce businesses ($9 million) and an increase in our corporate stock compensation.
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