Liberty Media Corp. said it expects to complete the spinoff of its cable business Tuesday as the media company also reported its third-quarter revenue and operating earnings improved, mostly thanks to contributions from its stake in SiriusXM Holdings Inc.

"We expect to complete the spin-off of Liberty Broadband today and look forward to the focus and clarity that it will provide for both Liberty Broadband and Liberty Media," Liberty Media Chief Executive Greg Maffei said.

In the spinoff, eligible holders across several series of Liberty Media stock will receive one-fourth of a share of the corresponding series of Liberty Broadband common stock for each Liberty Media share.

The media conglomerate, which owns a majority stake in SiriusXM, highlighted strong results at the satellite-radio provider. Last week, Sirius XM reported its third-quarter profit more than doubled as it added more subscribers. The company also raised its 2014 revenue outlook again. Earlier in October, Sirius authorized a $2 billion increase to its stock buyback program.

Liberty Media reported a profit of $33 million, compared to $76 million a year earlier.

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Liberty Media set to complete spinoff; revenue rises