Liberty Media’s back in black

AT&T subsid doubles profit in 2nd quarter

HOLLYWOOD — John Malone’s Liberty Media, an AT&T subsidiary that operates as a portfolio of cable-programming and other interests, was in the black for the second quarter with the sale of unspecified assets.

The Englewood, Colo.-based company, whose $46.3 million in investments include large stakes in USA Networks, Time Warner, News Corp., Discovery Networks, BET Holdings and Sprint, said Wednesday it plans to issue an earnings news release today. Its financial results were revealed Wednesday in a filing with the Securities and Exchange Commission.

Liberty reported $318 million in net income in the latest quarter, compared with a $543 million loss in the same period last year. Its operating income hit $67 million, compared with a negative $636 million a year ago, and revenue was up 73% to $382 million.

The company saw gains of $611 million on the sale of assets in the quarter, compared with a loss of $2 million on asset transactions in the year-ago period.

Profit doubled

Separately Wednesday, AT&T filed SEC documents showings its overall profit almost doubled in the second quarter, to $2.03 billion from $1.04 billion a year ago.

Quarterly revenue at the New York-based conglom, whose operations include sprawling cable systems formerly operated by the acquired Tele-Communications Inc., climbed 3% to $16.2 billion. AT&T added to its cable systems at the end of the second quarter with the acquisition of MediaOne.

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