Net income falls at Liberty Media

Liberty Media Corp. said its second-quarter revenue rose in each of its three business units, including QVC and its Starz pay television operations, but operating income was flat.

Combined revenue grew 13.4% to $2.49 billion, while net income at the three entities, which have different tracking stocks, fell 88% to $125 million, down from $1.01 billion a year earlier.

In the year-earlier period, the company benefited from a one-time $629-million gain on asset sales and a $372-million income tax benefit, mainly the result of a share exchange with Time Warner in which Liberty acquired the Atlanta Braves baseball team.

Operating profit was up 0.1% at $229 million.

Liberty Interactive shares rose 13 cents to close at $14.40; Liberty Entertainment added 42 cents to close at $26.27; and Liberty Capital shares gained 13 cents to close at $16.02.