Liberty Media Corp. emerged as the most profitable media and entertainment company in 2013, according to SNL Kagan’s rankings for the year.

Liberty Media’s net income of about $8.99 billion came mostly after a one-time gain associated with its takeover of Sirius XM Satellite Radio, according to SNL Kagan’s survey. 

Last year’s leader, Disney, dropped to No. 3 with net income of about $6.64 billion, behind 21st Century Fox — which saw a surge in income also as a result of accounting changes and its split from News Corp.

Liberty Media obtained a controlling interest in Sirius on Jan. 18, 2013, after purchasing 50 million shares .The company recorded a gain of about $7.5 billion in the first quarter of 2013 associated with the application of purchase accounting for its holdings in Sirius XM.

Recently, Liberty Media indicated it wanted to make Sirius its wholly owned subsidiary, but later dropped the proposal in favor of a new tracking stock structure.

Under its new plan, the company would split into two tracking stocks: Liberty Broadband Group and Liberty Media Group, which would include all of the existing company’s businesses, assets and liabilities other than those specifically attributed to the Liberty Broadband Group, including the company’s interest in Sirius XM.

21st Century Fox’s spike, to $7.3 billion in net income, was primarily attributed to its consolidation of Sky Deutschland results in its financials for the first time. The conglom raised its stake in the German satcaster to 55% in January 2013.