QVC drives strong year for liberty.(TIP SHEET)

Multichannel News, March, 2006

Merrill Lynch & Co. media analyst Jessica Reif Cohen restated her "buy" rating and $10.75 price target for Liberty Media Corp. stock, after the Denver-based media giant reported strong fourth-quarter results. Liberty reported 13% revenue and 10% cash-flow growth in the fourth quarter--for the full year, revenue and cash flow was up 13% and 10%, respectively--fueled mainly by strong performance at its QVC Inc.

home-shopping channel. QVC reported 14% revenue and cash-flow growth in the fourth quarter, and 13% revenue and 16% cash-flow growth for the full year. Liberty's other major operating asset--Starz Entertainment Group--reported more disappointing results (revenue was flat at $247 million and cash flow declined 37% to $29 million). Still, it...

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