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Article: Liberty Media Corporation Delivers Payment Terms to Comcast Corporation for Acquisition of QVC, Inc.
- Article from:
- PR Newswire
- Article date:
- July 11, 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 delivered notice to Comcast Corporation prescribing the form of consideration for Liberty Media's acquisition of Comcast's 57% ownership stake in QVC, Inc.
The notice calls for Liberty Media to issue shares of its Series A common stock (valued at $11.71 per share) representing 7.5% of the shares of Liberty Media common stock outstanding (after giving effect to that issuance), or approximately 218 million shares based on the number of Liberty Media shares currently outstanding. The remainder of the purchase price will be paid in the form of a three-year note bearing interest at LIBOR plus 1.5%. The values ...