Finance

FOX/LIBERTY SPORTS SEEN AS SHOT IN ARM TO LIBERTY MEDIA

11.17.1998

          Liberty Media Group, the programming arm of TCI,
     reported a third quarter loss of $12M, compared to a year-
     earlier profit of $162M, "largely attributable to one-time
     gains taken in 1997 because of assets Liberty sold,"
     according to Jay Sherman of the HOLLYWOOD REPORTER.  Driven
     by gains at "several companies" including Fox/Liberty
     Sports, Discovery Communications and Encore Media Group,
     revenue "climbed" 41% from $125M to $176M.  Liberty's
     operating cash flow rose 29% from $24M to $31M (HOLLYWOOD
     REPORTER, 11/16).  Liberty reported "dramatically improved
     performance for most of its cable network units," such as
     Fox/Liberty and Encore Media.  Most of the sports networks
     in the joint Fox/Liberty venture, in which Liberty owns 50%,
     "showed improved performances," including FX, which saw a
     doubling of its cash flow to $9M (DAILY VARIETY, 11/16).

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