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Comcast agreed to sell its stake in QVC to Liberty Media for approximately $7.9 billion. The deal gives Comcast cash to pay down debt, thereby strengthening its balance sheet, and gives Liberty a solid asset to operate, a goal of the company. The exact components of the purchase price will be determined over the next few weeks and will be determined by certain procedures set forth in a new stock purchase agreement the companies signed. Naturally, it wouldn't be a John Malone-arranged financial deal unless it was somewhat complex. Liberty may elect to pay the price in a combination of cash and/or a three-year senior unsecured note, and by issuing Liberty shares up to a maximum of 7.5% of the approximately 218 million shares outstanding. Any shares that are issued would be valued at $11.71 each; Comcast will have the option of selling at the close of the deal.

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Peoplesoft Beats Guidance

Although it has been busy of late fending off the unwanted advances of Oracle, Peoplesoft has managed to silence its critics, saying that its second quarter has come in better than expected. Preliminary results for the quarter ended June 30 indicated license revenue will be $105 to $115 million and total revenue will be $490 to $500 million. Earnings per share is now expected to be 10 cents to 11 cents, compared with a previous guidance of 9 cents to 10 cents. The most significant factor appeared to be the success of PeopleSoft's "money-back guarantee," which essentially offers to refund license fees to new customers if Oracle takes over the company.

Narrower Loss for Terayon

Terayon Communication Systems announced last Thursday that it still expects to record a loss for the second quarter, but at a narrower range than its April guidance. The company now expects a Q2 loss between 18 cents and 20 cents a share. Its previously anticipated loss was estimated at between 20 cents and 24 cents. Wall Street's consensus estimate expects Terayon to report a loss of 22 cents. Terayon CEO Zaki Rakib said the company expects better results because of higher unit shipments of its DOCSIS 2.0 cable modem termination system in Asia and North America.

Addenda and Corrections

A midyear forecast by TNS Media Intelligence/CMR predicts that cable ad spending will rise 7.2% this year.... Cable networks ran Cable Positive's PSAs for National HIV Testing Day on June 27, not, as reported in the June 30 issue, the AIDS in the 21st Century documentary.... CableReady president and CEO Gary Lico cited Discovery's Monster House as an example of hot programming trends but does not distribute the show, as stated in the June 30 article on summer programming trends; CableReady does represent Court TV's Forensic Files, as mentioned in the article.

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Late Breaking News

Cable World, July 7, 2003

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