July 3, 2003
Comcast agrees to sell its 58% stake in Willkie client QVC Home Shopping Channel to Liberty Media Corp. for $7.9 billion.
On July 3, Comcast agreed to sell its 58% stake in Willkie client QVC Home Shopping Channel to Liberty Media Corp. for $7.9 billion. The deal was announced as Liberty Media separately pursues negotiations with Vivendi Universal SA to acquire the French company’s U.S. entertainment assets. The Daily Deal reported that many analysts and industry observers viewed Liberty's decision to exercise its QVC put option earlier this year as a way to cement its liquidity position for its bid for VUE, the Vivendi unit comprising its Universal Film Studio, cable networks Sci-Fi and USA and the Universal theme parks. But in agreeing to purchase QVC rather than sell it, Liberty is said to have perhaps strengthened its hand in Vivendi negotiations. Willkie attorneys representing QVC on the deal include partners Daniel Rubino, Philip Verveer and Frank Daniele, and associates Michael Adelstein and Jonathan Friedman.