Losses Narrow at Malone’s Liberty

27 March 2003

Liberty Media, the investment vehicle of US cable entrepreneur John Malone, has posted a sharp reduction in losses for the fourth quarter.

The company reported a net Q4 deficit of $692 million (€649m; £440m), down from a $3.71 billion loss a year earlier, on a 2.9% revenue increase to $536m.

The narrowing of losses was attributed to a reduced number of investment write-downs. Liberty also benefited from a rising number of subscribers at its Starz Encore cable-TV networks.

As for the year ahead, the group is looking at further acquisitions in the US media market.

“This is a year that they should be very active in making acquisitions and transforming from a holding company into an operating company,” declared Merrill Lynch analyst Jessica Reif Cohen. She rates the group’s stock as ‘buy’ and admits to owning Liberty shares herself [a situation that would be seen as an unhealthy conflict of interest in an environment less venal than Wall Street].

Data sourced from: New York Times; additional content by WARC staff