Diversified media holding company Liberty Media Corp. posted mixed first-quarter operating results at its Liberty Interactive Group and Liberty Capital Group, which file earnings reports separately.

Liberty Interactive Group operates QVC, a home-shopping cable channel. The unit's operating income edged up 1 percent to $244 million from $242 million a year ago. Revenue rose 4 percent to $1.69 billion.

QVC had "operational and market challenges" in Germany and Japan, while its U.S. operations grew more slowly than a year ago.

At Liberty Capital Group — which owns Starz Entertainment LLC and other content producing assets, and agreed in May to acquire a stake in satellite broadcaster DirecTV Group Inc. — operating income slipped to $42 million from $44 million, while revenue dropped to $254 million from $264 million. The declines were caused by a drop in the effective rate for the network's services.

Liberty Media said today it will split the Capital group into two stocks once the DirecTV acquisition closes, which is expected later this month or in September.

The primary stock will be Liberty Entertainment Group, which includes the DirecTV distribution business and the media content producing businesses, including Starz, Fun Technologies Inc. and WildBlue Communications Inc.

The second stock will retain the Liberty Capital designation, and will track a small group of assets.

Shares of Liberty Media Holding Corp. rose $1.80 to $113.50 at the open of trading today.