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Article: Liberty Media Corporation Completes Acquisition of QVC, Inc.
- Article from:
- PR Newswire
- Article date:
- September 17, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Liberty Media Corporation announced today that it has completed its previously announced acquisition of Comcast Corporation's approximate 57% ownership stake in QVC, Inc. QVC is now 98% owned by Liberty Media.
At closing, Liberty Media delivered to Comcast approximately 218 million shares of Liberty Media Series A common stock and a three-year note payable in the amount of $4.0 billion. Liberty Media also delivered cash in the amount of $1.35 billion, which was funded with the proceeds from the September 12, 2003 sale of Liberty Media's Senior Notes due in 2006. Liberty Media's Senior Notes will have an effective interest rate of LIBOR + 45 basis points, ...