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US-based international cable group Liberty Global has posted second-quarter earnings of US$702m thanks to disposals and growth in Germany, reversing a US$347m loss the previous year.
Mike Fries
The news comes two days after Liberty’s international content arm Chellomedia acquired a batch of MGM-branded networks and entered into an EMEA-wide channels partnership with CBS Studios International.
Today, Liberty revealed net profit for the three months to June 30 of US$701.6m, which was largely down to the US$1.1bn it made from selling its shares in Australian pay-TV platform Austar to Foxtel. Revenue rose 4% to US$2.52bn.
Liberty CEO Mike Fries said the firm had boosted its digital cable subscriptions by 13% year-on-year, mainly in Germany and Belgium. He singled out Germany as a particular growth driver, noting it posted revenue up 11%, representing its best Q2 result since entering the market.
Last month, Liberty also merged its German cable operations by bringing Unitymedia and Kabel BW together under one management structure.
Before that, it announced a US$585m takeover of OneLink Communications to create Puerto Rico’s largest cable TV operator. Liberty has a 60% stake.
Elsewhere in the results, Liberty confirmed it would launch its Horizon set-top box in the Netherlands next month and Switzerland in the fourth quarter.
Fries said the firm was “demonstrating significant operating momentum” and expected further expansion in Germany in Q3 and Q4.
