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BY JONATHAN BLUM, KAGAN
Since Starz Encore Group is 100% owned by Liberty Media, its full performance picture is hidden. However, Liberty does reveal enough financial metrics to gain a fairly accurate picture of Starz's performance. Starz is showing much upside. Both revenue and operating cash flow were up year over year for the past three quarters, with operating cash flow in Q2 growing over 100%, though this exceptional quarterly growth is due mostly to seasonal factors. These results compare very favorably to parent Liberty's track record. The large holding company lost $4.2 billion for the nine months ending in September 2002.
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