QVC gets liberated: Comcast to sell 57.5% stake for $7.9B.
Multichannel News, July, 2003 by Farrell, Mike
After months of negotiations, Liberty Media Corp. finally added to its stable of operating assets, agreeing to purchase Comcast Corp.'s 57.5% interest in cable shopping channel QVC Inc. for $7.9 billion. The deal will give Liberty full ownership of QVC -- it already owns 42.5% -- and the network's nearly $1 billion in annual cash flow.
The deal also comes as Liberty is one of five companies bidding for Vivendi Universal SA.'s U.S. entertainment assets. According to terms the companies announced last Thursday afternoon, Liberty would pay the purchase price in a combination of cash, a three-year unsecured note and by issuing Liberty common stock not to exceed 7.5% of shares outstanding, or about 218 million shares. The deal is expected to...
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