UPDATE 1-Sirius XM revenue beats on higher subscriber additions
Feb 4 (Reuters) - Satellite radio service Sirius XM Holdings Inc reported a better-than-expected 12 percent rise in quarterly revenue as it added more self-paying subscribers - those who stay on after an initial promotional period.
Sirius, controlled by John Malone's Liberty Media Corp , added 411,484 net self-pay subscribers in the fourth quarter, resulting in a record subscriber base of 21.1 million at the end of the year.
Net income fell to $65.2 million, or 1 cent per share, in the quarter ended Dec. 31, from $156.2 million, or 2 cents per share, a year earlier.
Revenue increased to $1 billion from $892.4 million, as subscriber revenue rose 10 percent to $852.5 million.
Analysts had expected earnings of 2 cents per share on revenue of $981.9 million, according to Thomson Reuters I/B/E/S.
Liberty Media said last month it would offer to buy out Sirius's minority shareholders in a deal that could be worth more than $10 billion.
Shareholders such as consumer advocate Ralph Nader have spoken out against the deal. An independent committee of three Sirius board members are evaluating the offer and are being advised by Evercore.
Liberty Media became Sirius's majority owner in January 2013 after U.S. regulators gave it the green light to take control of the company.
Liberty has expressed interest in tapping Sirius XM's balance sheet to help finance its bid for Time Warner Cable Inc .
Sirius generated $303.2 million in free cash flow in the quarter.