This story was written by Rory Maher.
Driven by weak sales at its home-shopping channel QVC, Liberty Media Interactive (NSDQ: LINTA) reported a 4 percent drop in revenues to $2.4 billion, while Interactive's operating-income-before-depreciation-and-amortization (OIBDA) decreased 4 percent to $432 million. Revenues at Liberty Entertainment were up 26 percent, to $360 million, and OIBDA grew 143 percent, to $107 million. (The Entertainment group's results were boosted by the acquisition of Liberty Sports Group).
While Interactive was hurt by the slower sales at QVC, it got a lift from continued growth at e-commerce businesses like Provide Commerce, bodybuilding.com, and backcountry.com. QVC revenues decreased 8 percent, while e-commerce revenues were up by double-digits. The company is building out QVC's internet presence by creating a better search product and incorporating live streaming into the site.
Revenue at Starz Entertainment was up 8 percent during the quarter, helped by an extra $14 million from subscriber rate increases and $6 million from subscribers added during the quarter.
Liberty Media mentioned its recent investment in Sirius XM (NSDQ: SIRI) Satellite Radio, but didn't provide any additional information. We'll report on anything that comes out of the call.
By Rory Maher