Liberty Media’s Loss Rises to $1.47 Billion
Liberty Media Corp., the holding company for billionaire John Malone’s media investments, said its first-quarter loss widened to $1.47 billion as acquired businesses declined in value.
The loss widened to 57 cents a share from $152 million, or 6 cents, a year earlier. Revenue rose to $513 million from $504 million.
Liberty Media holds Malone’s investments in entertainment companies such as AOL Time Warner Inc. and News Corp., and in cable networks including Discovery Communications Inc.
In the first quarter, Liberty had an expense of $1.78 billion related to the decline in value of businesses it acquired.
The Englewood, Colo., company was required to recognize the decline under new accounting rules.
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