Liberty Media’s Loss Narrows on QVC Sales
Liberty Media Corp., the investment company controlled by John Malone, said its loss narrowed in the second quarter to $314 million as the purchase of home-shopping network QVC boosted sales.
The loss equaled 11 cents a share, compared with a loss of $464 million, or 17 cents, a year earlier, Englewood, Colo.-based Liberty said. Revenue more than tripled to $1.85 billion.
Malone bought a 57% stake in QVC in September 2003 from Comcast Corp. for $7.68 billion in cash, stock and notes. That gave Liberty 98% ownership of the network and access to the cash it generates.
Liberty shares rose 8 cents to $8.53 on the New York Stock Exchange.
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