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Liberty Media's 3Q net income falls 66 percent

The Associated Press

NEWS: Liberty Media Corp. said that its third-quarter net income fell 66 percent as its costs rose, but revenue soared thanks to contributions from satellite radio company Sirius XM, which it gained a controlling stake in earlier this year.

DETAILS: The Englewood, Colo.-based media company said Sirius XM's third-quarter revenue rose 11 percent to $962 million from a year ago. Not all of Sirius XM Radio Inc.'s results are included in Liberty Media's third-quarter results because the satellite radio company is a separate public company.

NUMBERS: Liberty Media's net income fell to $76 million in the quarter ending Sept. 30 from $221 million in the same quarter a year ago. The company did not give per-share figures.

Revenue soared to $1.11 billion from $154 million, thanks to an increase in subscription revenue.

Analysts expected revenue of $1.13 billion, according to FactSet.

STOCK: Liberty Media shares fell $2.77 to $151.26 in morning trading Tuesday.