2013 was a big year for Disney, “Frozen’s” billion-dollar box office certainly helping, but according to a new study by SNL Kagan, while it remains among the most valuable media companies in the world, it is no longer the most profitable one.
The study crowns Liberty Media as the most profitable media conglomerate, citing a 2013 investment in SiriusXM Radio. The company’s net income rose 537 percent last year to hit $9 billion, surpassing Disney’s $6.6 billion, which moved it down to third place on the list. 21st Century Fox took second, with $7.3 billion in net income for 2013.
According to SNL Kagan, Disney was No. 1 on the list for 2012 but litigation charges and restructuring costs caused it to move down the list. Liberty’s investment in SiriusXM Radio and Fox’s News Corp stake in Sky Deutschland boosted both companies’ 2013 income and moved them to slot one and two.
Read the full list below:

Read more at The Hollywood Reporter and Variety.
Brief Take: All three companies at the top of this list have high stakes in TV, consolidating existing companies and networks for maximum profitability.
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