ENGLEWOOD, Colo.—Media company Liberty Media Corp. said Thursday third-quarter revenue was mixed at its three business units, as QVC’s revenue dropped on tightened consumer spending.
QVC Shopping Network’s revenue slipped 3 percent to $1.64 billion as customers became more budget conscious.
QVC President and Chief Executive Mike George said in a statement that the company is looking to add more offerings for those looking to save money while also reigning in its credit card procedures. The company will raise minimum approval scores to obtain credit, get rid of yearly credit line increases and lower credit lines for marginal accounts.
The sector has been pressured as consumers curb spending due to the housing slowdown, eroding credit, rising food costs and recession worries.
Liberty President and Chief Executive Greg Maffei said in a statement that the company is still assessing a potential spinoff of Liberty Entertainment and the timing of such an event due to market conditions.
Revenue from Liberty Interactive Group, which includes QVC and a variety of online assets, edged up 2 percent on the December acquisition of Bodybuilding.com LLC and growth at its other e-commerce properties.
Revenue from Liberty Entertainment group, which includes Starz Entertainment LLC and a stake in DirecTV Group Inc., surged 21 percent on the February acquisition of Liberty Sports Group.
Starz revenue dipped 1 percent to $278 million.
Revenue from Liberty Capital Group, which includes the Atlanta Braves and interests in Time Warner Inc. and Sprint Nextel Corp., climbed 16 percent to $221 million on the strong performance of Starz Media’s 2008 film slate including “Space Chimps,” “Righteous Kill” and “Traitor.”
Each of its three units has a separate tracking stock.
Shares of Liberty Interactive shed 33 cents, or 5.2 percent, to $6.05 in morning trading. Liberty Entertainment’s stock added 37 cents, or 2.1 percent, to $17.69. Shares of Liberty Capital gained 32 cents, or 4.5 percent, to $7.39.
