TCI Affiliates Post Results

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Denver -- TCI Ventures Group, the Tele-Communications Inc.unit that holds TCI's stakes in At Home Corp., Tele-Communications International Inc.(TINTA) and other investments, reported last Wednesday that its net loss rose to $286million from $74 million, due to operating losses and shares of money-losing affiliatesSprint PCS, Telewest Communications and Teleport Communications Group.

Separately, Liberty Media Group, TCI's programmingarm, said its 1997 net earnings fell to $125 million from $1 billion in 1996, as revenuefell to $374 million from $1.34 billion and cash flow dropped to $55 million from $164million.

The two years aren't comparable, though, because ofvarious transactions at Liberty. Notably, Home Shopping Network Inc.'s operationsstopped being consolidated under Liberty in December 1996.

Also last week, Discovery Communications Inc., theprivately held programming company partly owned by Liberty, reported that its 1997 revenuerose 30 percent, to $860 million from $661 million the year before. Operating cash flowdropped to $32 million from $70 million, though, as losses from "developingassets" such as Animal Planet, The Travel Channel and assorted digital channels roseto $202 million.

Ventures Group said its quarterly operating loss during thethree months ended Dec. 31 rose to $278 million from $30 million the year before, mostlydue to charges related to the @Home Network affiliation deal with Cablevision SystemsCorp. The net loss was partly offset by a $112 million gain due to a TCG secondaryoffering and a $49 million gain recognized after TINTA reduced its stake in CablevisionS.A. in October.

Ventures' quarterly revenue declined to $211 millionfrom $288 million, mostly because of the Flextech plc deconsolidation.

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