10-KPeriod: FY2015

Liberty Media Corp Annual Report, Year Ended Dec 31, 2015

Filed February 26, 2016For Securities:FWONKFWONAFWONB

Summary

Liberty Media Corporation's 2015 10-K filing reveals a company undergoing significant strategic repositioning, most notably the planned reclassification of its common stock into three new tracking stock groups: Liberty Braves, Liberty Media, and Liberty SiriusXM. This move is intended to provide investors with a clearer view of the performance of distinct business segments. The company's primary consolidated subsidiary is SIRIUS XM Holdings Inc., a satellite radio provider with approximately 29.6 million subscribers at year-end 2015. Liberty also holds a significant equity affiliate interest in Live Nation Entertainment. Financially, Liberty reported consolidated revenue of $4.8 billion for 2015, an increase driven by SIRIUS XM's performance. Adjusted OIBDA grew to $1.63 billion. The company also completed several spin-offs and managed its debt effectively, with corporate-level debt standing at $1.2 billion. The planned tracking stock structure aims to unlock value by allowing each business to be valued independently, addressing potential complexities arising from Liberty's diverse holdings and corporate history of spin-offs.

Financial Highlights

45 data points
Beta

Revenue

$4.79B

Net Income

$64.00M

1.3% Net Margin

EPS (Diluted)

$0.19

Total Assets

$29.80B

Cash & Equivalents

$201.00M

Free Cash Flow

$1.23B

Financial Statements
Beta
Revenue$4.79B
SG&A Expenses$861.00M
Operating Expenses$3.84B
Operating Income$954.00M
Interest Expense$328.00M
Net Income$64.00M
EPS (Basic)$0.19
EPS (Diluted)$0.19
Shares Outstanding (Basic)338.00M
Shares Outstanding (Diluted)340.00M

Key Highlights

  • 1Planned reclassification of Liberty Media's common stock into three tracking stock groups (Braves, Media, SiriusXM) to enhance investor clarity on segment performance.
  • 2Consolidated revenue of $4.8 billion for the year ended December 31, 2015, primarily driven by SIRIUS XM.
  • 3SIRIUS XM Holdings Inc., the main consolidated subsidiary, ended 2015 with approximately 29.6 million subscribers.
  • 4Significant equity method investment in Live Nation Entertainment, Inc. (35% ownership).
  • 5Adjusted OIBDA increased to $1.63 billion, reflecting operational improvements.
  • 6Corporate-level debt was $1.2 billion as of December 31, 2015.
  • 7The company had $201 million in cash and cash equivalents at the end of 2015.

Frequently Asked Questions

Liberty Media Corporation's primary consolidated subsidiary is SIRIUS XM Holdings Inc., which provides satellite radio services. The company also holds interests in other media and entertainment businesses, notably an equity investment in Live Nation Entertainment.

Liberty Media is undertaking a significant strategic initiative to reclassify its common stock into three new tracking stock groups: Liberty Braves, Liberty Media, and Liberty SiriusXM. This is intended to allow investors to better track the performance of these distinct business segments.

For the year ended December 31, 2015, Liberty Media reported consolidated revenue of $4.8 billion and an Adjusted OIBDA of $1.63 billion. The company had $201 million in cash and cash equivalents and $1.2 billion in corporate-level debt.

SIRIUS XM Holdings Inc. is Liberty Media's principal operating subsidiary, contributing significantly to revenue and operations. As of December 31, 2015, Liberty held a controlling interest, approximately 61%, in SIRIUS XM, which had nearly 30 million subscribers.