July 13, 1994 |
CBS on Tuesday abruptly abandoned its plan to merge with QVC after a rival bidder said it has offered $2.2 billion for the home shopping network. The rival bid came from Comcast Corp., the Philadelphia-based cable TV company that helped found QVC and owns about 17% of its stock. Comcast said that it is willing to buy all of QVC's outstanding shares for a 22% premium over Tuesday's closing price. CBS Chairman Laurence A.
March 4, 2003 |
Liberty Media Corp., the media-investment company controlled by billionaire John Malone, said Monday that it would exercise an option that may trigger the sale of the QVC home-shopping network it owns with Comcast Corp. Either Liberty, Comcast or a third party can buy QVC under the option. Comcast is more likely to consider a purchase than Liberty, which could use sale proceeds to finance acquisitions, analysts said. Comcast, the biggest U.S.
August 3, 2007 |
Move over, MTV. Here comes QVC. That's right music fans. In between the blond women selling jewelry and the dermatologists shilling skin-care products, television retail channels are booking live musical acts -- and not off-brands, either. Think LeAnn Rimes, Barry Manilow and the Goo Goo Dolls. Manilow is preparing for his second QVC gig this fall to promote his new CD, "The Greatest Songs of the Seventies."
July 4, 2003 |
Liberty Media Corp. agreed Thursday to spend $7.9 billion to purchase control of the hugely profitable home shopping channel QVC, a move that comes on the heels of the company's efforts to snap up Vivendi Universal's U.S. entertainment assets. The timing of the purchase from Comcast Corp. -- which will give Liberty the 57.5% of QVC that it doesn't already own -- caught many by surprise.
June 29, 1993
In December, Barry Diller made a "$25-million bet" on interactive cable when he purchased 3% of QVC's common stock and became the company's chairman and chief executive. It seems that bet has paid off. QVC recently announced a joint venture with Rupert Murdoch to bring a home shopping channel to Europe. And in fiscal 1992, pretax operating profit climbed 40% and long-term debt dropped $152.5 million to $7.6 million.
July 10, 1989 |
CVN Companies Inc. has agreed to be acquired by QVC Network Inc., a smaller competitor in the televised home shopping business, for more than $400 million in cash and stock, the companies said today. The deal would create a company that backers said could better compete against the video retailing leader, Home Shopping Network Inc., in an industry that generated $1.4 billion in revenue last year. The agreement calls for QVC, of West Chester, Pa.
April 16, 1993 |
On the Home Shopping Network, the story lines are as thin as an overworked credit card. About the only drama unfolding amid the endless parade of cut-rate merchandise offered to cable television viewers is whether perky hostess Erin Morrissey's enthusiasm will give out before the supply of pink cubic zirconia bracelets at $29.75 each. But from behind the scenes of the $1-billion-a-year merchant-of-the-air have come details of a continuing drama that sounds improbable even by TV movie standards.
August 30, 1994
* Market trends: AirTouch was the volume leader in Monday's trading. Elsewhere, QVC Inc., which produces home shopping programming, announced a second-quarter profit of $11.7 million on sales of $303.3 million, compared to a year-earlier profit of $13.3 million on sales of $262.4 million. The company attributed the 12% decline in profit to steep costs in expanding its service into Mexico and Britain.
November 14, 2003 |
Liberty Media Corp., the media investment company controlled by John Malone, said third-quarter profit rose 86% to $41 million after it bought QVC Inc., the biggest home-shopping television network. Net income of the Englewood, Colo.-based company increased to 2 cents a share from $22 million, or 1 cent, a year earlier. Revenue surged 72% to $905 million from $525 million. Shares fell 5 cents to $10.03 on the New York Stock Exchange.