By Mike Farrell--Multichannel News -- Broadcasting & Cable, 11/9/2009 11:53:11 AM
Gains at QVC and Starz Entertainment helped drive third quarter gains for Liberty Interactive and Liberty Entertainment, as the latter moves closer to a reorganization that will create a new Liberty Starz stock.
At Liberty Interactive, revenue rose 2% to $1.8 billion and operating income before depreciation and amortization was up 11% to $345 million, fueled mainly by gains at its largest component, home shopping channel QVC. QVC, which had been troubled by the overall downturn in the retail and home shopping segment, grew revenue by 2% in the period to $1.7 billion and OIBDA grew 10% to $343 million, as initiatives to pare down costs and revitalize its brand appeared to take hold.
In a statement, QVC president and CEO Mike George said the gains were due to the sales and cost-cutting initiatives and what appears to be a stabilizing of consumer spending in the U.S. and the United Kingdom. QVC has embarked on a campaign to make the brand a must-visit destination for exclusive content - in the quarter it reached an exclusive distribution agreement with Liz Claiborne New York.
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