Liberty’s QVC Takeover Enters Last Stage
By John M. Higgins -- Broadcasting & Cable, 7/26/2004 11:43:00 AM MT
The Federal Trade Commission signed off on Liberty Media Corp.’s planned buyback of 120.3 million of its shares from Comcast Corp. Liberty won early termination of antitrust review of the deal, which is the final stage of the company’s buyout of Comcast’s 57% stake in QVC Inc.
The latest moves call for Liberty to fork over $545 million in cash plus some programming assets. Those include a 10% stake in E! Entertainment Television and Style (which Comcast already manages) and 100% of Liberty’s International Channel Networks.
The FTC had already approved Liberty’s full takeover of QVC, so the stock swap wasn’t expected to meet any resistance.
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