Comcast Completes $3.0 Billion Sale of Liberty Media Notes and Furthers Debt Reduction Progress
Comcast Corporation today announced the completion of its public offering of $2.5 billion of Liberty Media Corporation three year floating rate notes. Comcast also completed the sale to Liberty of an additional $500 million of the notes. Comcast received approximately $4.0 billion of these floating rate notes as part of the purchase price consideration in the recent sale to Liberty of Comcast's ownership interest in QVC Inc. Today's transactions, when coupled with the $1.35 billion in cash received from Liberty at the closing of the QVC transaction, result in Comcast having raised or received roughly $4.35 billion in gross cash proceeds in the past week which it expects to use for debt reduction, payment of income taxes and general corporate purposes. Comcast continues to own $1 billion of the floating rate notes and approximately 217.7 million shares of Liberty's Series A Common Stock received in the QVC transaction.
Comcast Corporation (Nasdaq: CMCSA, CMCSK) (www.comcast.com) is principally involved in the development, management and operation of broadband cable networks, and in the provision of programming content. The Company is the largest cable company in the United States, serving approximately 21.3 million cable subscribers. The Company's content businesses include majority ownership of Comcast Spectacor, Comcast SportsNet, E! Entertainment Television, Style, The Golf Channel, Outdoor Life Network and G4. Comcast Class A common stock and Class A Special common stock trade on The NASDAQ Stock Market under the symbols CMCSA and CMCSK, respectively. The selling security holders in this transaction, Comcast QVC Holdings III, IV, and V, Inc., are three indirect wholly owned subsidiaries of Comcast Corporation.