Liberty wants QVC breakup
By John M. Higgins -- Broadcasting & Cable, 12/11/2002 6:30:00 AM
Liberty Media Corp. president Dobb Bennett plans to pull a trigger to break up his partnership with Comcast Corp. in home shopping giant QVC Inc., but he doesn't know if he'll end up as a buyer or a seller.
Comcast owns 57 percent of the network, while Liberty owns 43 percent.
Bennett said at the UBS Warburg LLC media conference that the partnership agreement gives Liberty opportunities to exercise exit rights that call for Comcast to either buy out Liberty's stake, tp sell Liberty its majority stake, or for both sides to sell the whole thing to someone else.
The network should generate about $4.4 billion, and it is worth about $20 billion.
Bennett said the main reason for pulling the trigger is that he only has two more chances to get some liquidity out of the partnership -- February 2003 or February 2004.
"Given that we have two of these liquidity events left, it is probable that we will exercise one or the other," he added.
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