Comcast agreed to sell its stake in QVC, its on-air shopping channel, for approximately $7.9 billion to Liberty Media Corporation. The precise components of the consideration will be determined over the next several weeks subject to certain procedures set forth in a new stock purchase agreement entered into by the parties. Comcast said the cable business continues to be its primary focus and that the proceeds from the sale of QVC would boost its financial position and better enable it to invest for future growth.
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- In 2002, QVC recorded more than $4.4 billion in sales and generated more than 150 million phone calls from its cable television audience. QVC has 11,000 employees and is based in West Chester, Pennsylvania, with additional U.S. telecommunications centers in San Antonio, Texas, Port St. Lucie, Florida, and Chesapeake, Virginia.
- In June 2003, Paul G. Allen, the Chairman of Charter Communications and one of the founders of Microsoft, completed his acquisition of Comcast’s interest in CC VIII, LLC, a joint cable venture with Charter Communications, for approximately $728 million in cash, consistent with an original put agreement. Comcast said it will use the proceeds to pay down debt incurred in connection with the acquisition of AT&T Broadband in November 2002.