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03-03-03, 09:35 PM
Liberty Media Asks Comcast
For QVC Ownership Change
By MARTIN PEERS AND PETER GRANT
Staff Reporter of THE WALL STREET JOURNAL
John Malone's Liberty Media Corp., signaling its increasing desire to operate media businesses rather than just invest in them, told Comcast Corp. it wants to either sell its minority stake in shopping channel QVC Inc. or become its sole owner.
Liberty's move triggers a formal process for determining the future of QVC, but the ramifications of that process could affect many other media companies. The sale of Liberty's stake in QVC, for instance, could help the company finance a bid for Hughes Electronics Corp., owner of the DirecTV satellite operation, which Liberty has been considering. Liberty Chief Executive Robert Bennett said in an interview Monday that Liberty expected "to make a proposal" to buy control of Hughes, which is part of General Motors Corp.
"We are looking at [DirecTV] seriously," going through the due-diligence process, Mr. Bennett said. Liberty owns 18% of News Corp., which itself long has had designs on DirecTV. While a competing bid for DirecTV would pit Liberty's chairman, Mr. Malone, against News Corp. Chairman Rupert Murdoch, with whom he has a long and close relationship, Mr. Bennett said the two companies have "independent agendas."
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For QVC Ownership Change
By MARTIN PEERS AND PETER GRANT
Staff Reporter of THE WALL STREET JOURNAL
John Malone's Liberty Media Corp., signaling its increasing desire to operate media businesses rather than just invest in them, told Comcast Corp. it wants to either sell its minority stake in shopping channel QVC Inc. or become its sole owner.
Liberty's move triggers a formal process for determining the future of QVC, but the ramifications of that process could affect many other media companies. The sale of Liberty's stake in QVC, for instance, could help the company finance a bid for Hughes Electronics Corp., owner of the DirecTV satellite operation, which Liberty has been considering. Liberty Chief Executive Robert Bennett said in an interview Monday that Liberty expected "to make a proposal" to buy control of Hughes, which is part of General Motors Corp.
"We are looking at [DirecTV] seriously," going through the due-diligence process, Mr. Bennett said. Liberty owns 18% of News Corp., which itself long has had designs on DirecTV. While a competing bid for DirecTV would pit Liberty's chairman, Mr. Malone, against News Corp. Chairman Rupert Murdoch, with whom he has a long and close relationship, Mr. Bennett said the two companies have "independent agendas."
more...subscription required (http://online.wsj.com/article/0,,SB1046714529178169720,00.html?mod=COMPANY)