Liberty Media has posted losses of $4.6 billion for the first half of this year. The losses were caused after the company made write offs on its investments in AOL Time Warner, News Corporation and Sprint PCS. Liberty has written down the value of its investments by $5.1 billion during the first half of 2002. The company has cut the book value of its investments in AOL Time Warner by $2.3 billion, News Corporation by $1.4 billion and Sprint PCS by $2 billion.
Liberty posted revenues of $1 billion for the first half of 2002. This figure was in line with revenues made during the corresponding period last year. Liberty made an operating profit of $65 million compared with a loss of $402 million a year ago.
In other news, Europe’s largest cable company UPC has said that it may file for bankruptcy with debts of over E10 billion if it fails to secure a restructuring deal. Liberty Media’s UnitedGlobalCom business unit owns UPC.