Business Services Industry
In Order to Reduce Debt, Comcast Agrees to Sell QVC Stake to Liberty Media.
Knight Ridder/Tribune Business News, July, 2003
The Philadelphia In...uirer Knight Ridder/Tribune Business News
Jul. 4--Under pressure to reduce its debt, Comcast Corp. said yesterday it has agreed to sell its majority stake in the QVC television shopping network to Liberty Media Corp. for $7.9 billion.
Over the next several weeks, Liberty and Comcast will decide what combination of stock, cash and debt Liberty will use to pay for QVC, which is based in West Chester.
"This was a very tough decision for us," Comcast executive vice president David L. Cohen said in a telephone interview. "It has produced significant cash flow."
For Comcast, selling QVC means passing up the $4.4 billion in annual revenue the cable network generates -- which amounted to about a third of...
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