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Article: Liberty Media Corporation to Acquire QVC, Inc.
- Article from:
- PR Newswire
- Article date:
- July 3, 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 reached an agreement with Comcast Corporation to acquire Comcast's 57% ownership stake in QVC, Inc. This agreement supercedes the buy-sell process initiated by Liberty Media earlier this year under the QVC stockholders' agreement between Liberty Media and Comcast. The purchase price for Comcast's interest is $7.9 billion and may be paid, at Liberty Media's option (subject to certain limitations), in Liberty Media Corporation Series A common stock at a pre-determined price of $11.71 per share, a three-year note with an interest rate of 1.5% over LIBOR, cash, or a combination of the foregoing. The exact amounts of ...