Starz increased the number of paying subscribers to 21.2 million from 19.6 million a year earlier. Subscribers to its offshoot Encore channel rose to 34.8 million from 33.2 million a year ago.
Liberty also increased its stake in satellite radio company Sirius XM Radio Inc. to above 50 percent in January after receiving clearance from the Federal Communications Commission. As a result, Sirius' results will be included in Liberty's quarterly earnings in the future.
The company also increased its stake in concert promoter Live Nation Entertainment Inc. to 27 percent.
Liberty Media shares rose 56 cents to close at $107.55 on Wednesday before the results were announced.
Shares of Starz, which completed its split from Liberty on Jan. 11, was unchanged in after-hours trading at $18.70. That's up 20 percent from the first day of trading following the split, when shares closed at $15.59.