LIBERTY TO SPIN OFF STARZ
Liberty Media said Aug. 8 it will spin off premium TV network Starz, which grew subscriptions by nine percent in the second quarter and has found success with original series like “Boss” and “Spartacus.”
Liberty, releasing second quarter earnings, said its board approved a plan to give stockholders shares of a new subsidiary that includes all Liberty assets except for Starz, including Encore, the Atlanta Braves baseball team, and the geolocation company TruePosition. It also holds large stakes in SiriusXM, Live Nation and Barnes & Noble, among other media entities.
Chris Albrecht, CEO of Starz LLC, said the network had 20.7M subscribers at the end of Q2. Revenue for the quarter was unchanged at $403M as subscriber gains were offset by lower earnings at its distribution and animation units.
“I believe this stand-alone structure is the first step to unlocking the real potential growth opportunities for our businesses,” said Albrecht.
Liberty, led by John Malone, said Q2 revenue was essentially flat at $537M over the same period of 2011 while net income jumped 78% to $157M.
Liberty, which broke off QVC and Bodybuilding.com in September, said the new Starz entity starts with about $1.5B in debt.
MEREDITH OFFERS EDITORS FOR CHARITY
Meredith Corp. will hold a beauty editors day Aug. 16 which gives consumers the chance to visit with the top journalists at magazines like Ladies’ Home Journal, Fitness and Better Homes and Gardens in exchange for a donation to a cancer charity.
The event, slated for Saks Fifth Avenue in New York, offers 20-minute one-on-one sessions with the editors to those who give $30 to Look Good Feel Better, a program which gives makeup and beauty support to people with cancer.
Editors participating include Genevieve Monsma (beauty director, More); Ellen Miller (beauty/fashion director, BH&G); Greta Monahan (Every Day with Rachel Ray); Heather Muir (beauty director, Fitness), and Erica Metzger (beauty director, LHJ).
The Look Good Feel Better program is a collaboration of the cosmetic products industry, American Cancer Society, and the Professional Beauty Association, a trade group for cosmetologists, wig experts, aestheticians, makeup artists and nail technicians.
Sessions can be booked at 866-395-5665.