ENGLEWOOD, Colo. (AP) -- Starz, which spun off from Liberty Media Corp. earlier this year, reported a profit decline for the second quarter even as and revenue rose helped by a growing number of subscribers.
The cable channel owner's net income available to common shareholders was $63.9 million, or 52 cents per share, in the April-June quarter. That's down 7 percent from $68.7 million, or 57 cents per share, in the same period a year earlier when it was still part of Liberty Media.
Revenue grew 29 percent to $517.4 million from $402.6 million. The number of subscribers to Starz rose 5 percent to 22 million and subscribers to Encore channels grew 3 percent to 35.1 million.
Shares rose $1.60, or 7.1 percent, to $24.09 in midday trading after rising as high as $24.82 earlier in the session, a new high.