Cable company Liberty Global has reported widening losses due to derivative instruments plus higher interest and tax expenses, while the company’s revenues have received a major boost from its acquisition of UK operator Virgin Media earlier this year.
For the three months ending September, the company saw its net loss grow to $830 million from just $22 million in the same period last year.
Revenues soared by 74% to $4.4 billion thanks to the inclusion of results reported by Virgin Media (Hook, UK), but Liberty Global (Meridian, CO, USA) said organic growth and positive foreign-exchange movements were partly responsible for the improvement.
“These results were driven by the continued appeal of our market-leading bundles, featuring the most advanced video and broadband services available,” said Mike Fries, Liberty Global’s chief executive. “We’ve added over 870,000 subscribers year to date, with third-quarter additions of 314,000 representing a 64% sequential increase over our second quarter additions.”
Liberty Global paid a fee of about $14.1 billion for Virgin Media in June this year, and in its recent earnings report the company said it now expected to achieve up to double its initial $180 million estimate of combined synergies for operating cash flow and capital expenditures once the integration process is complete.
Libery Global has also recently agreed to sell content division Chellomedia to AMC Networks (New York City, NY, USA) for approximately $1 billion.
It expects that deal to close in the first quarter of 2014 and believes the proceeds will give it added flexibility to invest in more strategic content in future.
At end September, the operator claimed to provide a total of 47.8 million services, including 21.8 million video, 14.1 million broadband internet and 11.9 million telephony subscriptions, to some 24.5 million unique customers.