Qurate Retail Group will comprise eight retail brands — QVC, HSN, Zulily, Ballard Designs, Frontgate, Garnet Hill, Grandin Road and Improvements. QVC’s Mike George will be president and CEO, Liberty’s Greg Maffei will be chairman.
The FCC has approved the $1.12 billion purchase of Alaska’s GCI by John Malone’s Liberty Interactive. The FCC clearance removes the last major regulatory hurdle for the deal, which the Justice Department already signed off on in June.
Operators had better be standing by to handle this one: The nation’s two best known home-shopping TV operations, QVC and Home Shopping Network, are set to come together under an all-stock deal valued at approximately $2.1 billion put together by John Malone’s Liberty Interactive Corp.
U.S. cable TV mogul John Malone’s Liberty Interactive Corp. announced a complex deal that would help eliminate its “tracking stock” structure, giving the company greater access to the equity market and flexibility to make acquisitions. The deal includes the purchase of Alaska-based telecom company General Communication Inc. for $1.12 billion, which will then be combined with Liberty Ventures, the holding entity for Liberty Interactive’s cable TV and other assets.
His Liberty Interactive will spin off two units, while Liberty Media will reclassify its common stock into three tracking stocks.
Liberty Interactive Corp. which owns home shopping network QVC, announced Monday that it’s buying Zulily in a cash-and-stock deal valued at approximately $2.32 billion. The deal will create a company with combined revenue of more than $10 billion and 230 million products shipped globally to 19 million customers in 85 countries.