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Liberty Media Corporation Reports QUARTER 2015 FINANCIAL RESULTS Englewood, Colorado,

The following excerpt is from the company's SEC filing.

- Liberty Media Corporation ("Liberty Media") (NASDAQ: LM

CA, LMCB, LMCK) today reported

third

quarter

results. Highlights include

SiriusXM reported strong

quarter results

Subscriber base grew to nearly

29 million

Record third quarter revenue up 11% to $1.17 billion

et income

$167 million

, an increase of 22%

Adjusted EBITDA

climbed 17% to record $447 million

Free cash flow

per fully-diluted share increased 54% to 6.9 cents

Liberty Media’s ownership of SiriusXM stood at 60.7% as of October 20

Completed hedging period for forward purchase of Live Nation Entertainment shares

Acquiring 15.9

shares

average share price of

$24.91

; upon settlement will

own 34.4%

From August 1

through October 31

, repurchased

million LMCK shares at an average price per share of $

and a total cost of $

SiriusXM had another outstanding quarter, reaching record revenue, adjusted EBITDA and adjusted EBITDA margin. Subscribers reached an all-time high of almost 29 million, and SiriusXM continues to extend its lead in exclusive, valuable content,” stated Greg Maffei, President and CEO of Liberty Media. “At Liberty, we continued to repurchase our shares and completed the hedging period on our forward p

urchase of Live Nation shares.

Upon settlement

our ownership of Live Nation will increase to 34.4%

Liberty Media's revenue

million to $1.

billion in

quarter. Adjusted OIBDA

million and operating income

million.

The increases in revenue

, adjusted OIBDA

and operating income were primarily due to operating results at SiriusXM.

SiriusXM is a separate publicly traded company and additional information about SiriusXM can be obtained through its website and filings with the Securities and Exchange Commission.

SiriusXM reported its stand-alone

quarter results on

October 22

. For presentation purposes in this release, we include below the results of SiriusXM, as reported by SiriusXM, without regard to the purchase accounting adjustments applied by us for purposes of our financial statements. Liberty Media believes the presentation of financial results as reported by SiriusXM is useful to investors as the comparability of those results

best understood in the context of SiriusXM's historical financial presentation. For a reconciliation of revenue, adjusted OIBDA (as defined by Liberty Media) and operating income for SiriusXM's stand-alone operating

to those results as reported by Liberty Media, see Liberty Media's Form 10-Q for the quarter

ended

September

Highlights of SiriusXM's earnings release included the following:

Third quarter net income climbed 22% to $167 million

climbed 17% to a record $447 million

SiriusXM’s cumulative share repurchases now exceed $6 billion

Share Repurchases

Between

the reclassification of the original Liberty Capital tracking stock on March 3, 2008

and July 23, 2014

, Liberty Media repurchased shares

of Series A common stock

for aggregate cash consideration of approximately $2.9 billion, representing 51%

of shares outstanding

. From

, 2015 through

, 2015, Liberty Media repurchased approximately

million shares of Series C common stock at an average cost per share of $

for total cash consideration of $

million.

For the period covering the creation of the Liberty Media Series C common stock on July 23, 2014 through

collectively

The total remaining repurchase authorization for Liberty Media stock

is approximately $

FOOTNOTES

Liberty Media's President and CEO, Greg Maffei, will discuss these highlights and other matters in Liberty Media's earnings

conference call which will begin at

p.m. (E.S

.T.) on

, 2015. For information regarding how to access the call, please see “Important Notice” later in this document.

For definitions of adjusted OIBDA

(as defined by Liberty Media), a

djusted EBITDA (as defined by SiriusXM) and free cash

flow (as defined by SiriusXM) and applicable reconciliations see the accompanying schedules

Based on shares outstanding at the time of the introduction of the

original Liberty Capital stock.

Based on shares outstanding as of October 31, 2014. There were no share repurchases from July 23, 2014 through

December 31

Unless otherwise noted, the foregoing discussion compares financial information for the three months ended

September 30, 2015

to the same period in 201

The following financial information with respect to Liberty Media's equity affiliates and available for sale securities is intended to supplement Liberty Media's condensed consolidated balance sheet and statement of operations to be included in its Form 10-Q

for the period ended

Fair Value of Corporate Public Holdings

(amounts in millions)

6/30/2015

9/30/2015

Live Nation Debt and Equity

1,501

1,316

Other Public Holdings

580

461

Total Liberty Media

2,081

1,777

Represents the fair value

of Liberty Media's debt and equity investments. In accordance with GAAP, Liberty Media accounts for its investment in the equity of Live Nation using the equity method of accounting and includes it in its consolidated balance sheet at its historical carrying value of

June 30, 2015

respectively.

Represents the carrying value of other public holdings which are accounted for at fair value.

Cash and Debt

The following presentation is provided to separately identify cash and liquid investments and debt information.

(amounts in millions)

Cash and liquid investments

(1)(2)

841

607

Short-term marketable securities

51

19

Total Liberty Media Cash (GAAP)

790

588

SiriusXM senior notes

5,150

Liberty 1.375% cash convertible notes due 2023

1,000

Margin loans

250

Atlanta Braves debt

185

175

Other subsidiary debt

305

Total Liberty Media Debt

6,601

6,880

Unamortized discount and fair market value adjustment

(99)

(78)

Total Liberty Media Debt (GAAP)

6,502

6,802

Includes

million of short-term marketable securities with an original maturity greater than 90 days as of

, respectively.

million of cash and liquid investments held at SiriusXM as of

June 30, 2015

Outstanding principal amount of Senior Notes with no

reduction for the net unamortized discount

Face amount of the cash convertible notes with no adjustment for the fair market value adjustment.

Atlanta National League Baseball Club, Inc.

borrowings

largely to fund

construction of a new stadium in Cobb County,

Georgia; Atlanta Braves’

construction financing

obligations as of 6/30/2015 have been reclassified as Other long-term liabilities for comparative purposes.

Includes SiriusXM capital leases and borrowings under the SiriusXM revolving credit facility

Total Liberty Media cash and liquid investments

decreased

during the quarter

ash from operations at SiriusXM

and additional borrowings at SiriusXM

were more than offset

shares repurchased by SiriusXM

, shar

es repurchased by Liberty Media and

capital expenditures

Included in the consolidated cash and liquid investments balance at

million at SiriusXM. Although SiriusXM is a consolidated subsidiary, it is a separate public company with a significant non-controlling interest, therefore Liberty Media does not have ready access to

. Excluding cash held at SiriusXM, Liberty Media's cash and liquid investments balance at

Total Liberty Media debt increased by

primarily as a result of

Important Notice:

Liberty Media Corporation (Nasdaq: LMCA, LMCB, LMCK) President and CEO, Greg...


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