(Reuters) - Liberty Media Corp LMCA.O, the media holding company controlled by John Malone, said on Wednesday its quarterly revenue fell by more than half in the fourth quarter.
Liberty, which owns a stake in several companies, said in a statement the decrease in revenue was related to a one-time recognition of deferred revenue at one of its businesses, called TruePosition, a year ago. TruePosition is a location technology company that Liberty owns.
Liberty has been tweaking its portfolio in recent months. In January, it became the majority owner of Sirius XM after regulators approved its takeover. Liberty also spun off the premium TV channel Starz STRZA.O in January and has increased its stake in concert promoter Live Nation to about 27 percent.
Liberty Media Chief Executive Greg Maffei said in a statement that it was pleased in the growth of ticket sales at Live Nation in 2013 as well as the publisher’s Pearson’s (PSON.L) investment in Nook Media.
Liberty’s revenue fell 52 percent to $467 million, compared to $973 million a year ago.
The company said its operating income was $25 million, compared to $293 million a year ago.
Liberty owns stakes in a variety of businesses, including Sirius XM (SIRI.O), Barnes and Noble Inc (BKS.N), Concert promoter Live Nation Entertainment Inc (LYV.N) and the major league baseball team, the Atlanta Braves.
Shares were flat at $105.55 per share after the market closed.
Reporting By Liana B. Baker; Editing by Bernard Orr and Leslie Gevirtz