Company acquires stake in cable systems unit TeleColumbus
HOLLYWOOD — John Malone’s Liberty Media posted a $215 million loss Tuesday amid a doubling in operating costs at the cable programming group.
The Englewood, Colo.-based company reported $215 million in profit in the same period last year.
Third-quarter revenue rose 19% to $521 million but operating costs increased to $572 million from a year-earlier $289 million. Operating and administrative expenses jumped 25% to $406 million. Depreciation and amortization costs climbed 20% to $241 million and interest costs rose 26% to $127 million.
Separately, Liberty agreed Tuesday to acquire part of Deutsche Bank’s TeleColumbus, a German cable systems unit. Deutsche Bank will keep a 12% stake in the company.
In the U.S., Liberty serves primarily as a portfolio of large, minority interests in cable webs such as Discovery Networks. The company also has a sizable group of new-media businesses called Liberty Digital.