Media Industry
Industry: Email Alert RSS FeedLiberty buying Comcast QVC stake for $8B. (Top of the Week).(Liberty Media)
Broadcasting & Cable, July, 2003 by Higgins, John M.
To the surprise of some Wall Street players, Comcast CEO Brian Roberts showed the financial discipline he has pledged to investors and is letting Liberty Media buy Comcast's stake in home shopping giant QVC.
Liberty put a fat $14.1 billion value on QVC, meaning that Comcast will receive $7.9 billion for its 56% stake in the network. That's 5%-10% more than some analysts had been valuing QVC and a huge $145-$150 per U.S. subscriber. By comparison, entertainment cable networks sell for $20-$30 per sub.
With $4.4 billion in sales last year, QVC is not just the largest shopping network but--surprising to some--it's the second-largest television network of any kind. By expertly hawking the likes of Corvette 50th Anniversary commemorative coins and...
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