Liberty Media and Comcast Complete Exchange of Liberty Shares for Programming Assets and Approximately $545 Million
Englewood, CO and Philadelphia, PA
Liberty Media Corporation (NYSE: L, LMC.B) and Comcast Corporation
(Nasdaq: CMCSA, CMCSK) today announced that they have completed the previously
announced transaction under which Liberty Media has redeemed 120.3 million
shares of its Series A common stock held by Comcast in exchange for 100% of
the stock of a Liberty Media subsidiary, Encore ICCP, Inc. Through its
acquisition of Encore ICCP, Comcast acquired a 10.4% interest in E!
Entertainment Television (giving Comcast a total interest in E! of 60.5%), a
100% ownership interest in International Channel Networks, all of Liberty
Media's rights, benefits and obligations under a TCI Music contribution
agreement and approximately $545 million in cash.
The closing of the transaction also resolves all litigation pending
between Comcast and Liberty Media regarding the TCI Music contribution
agreement, which Comcast inherited as part of its acquisition of AT&T
Broadband in November of 2002.
Liberty Media Corporation (NYSE: L, LMC.B) is a holding company owning
interests in a broad range of electronic retailing, media, communications and
entertainment businesses classified in three groups; Interactive, Networks and
Tech/Ventures. Our businesses include some of the world's most recognized and
respected brands and companies, including QVC, Encore, STARZ!, Discovery,
IAC/InterActiveCorp, and The News Corporation Limited.
Comcast Corporation (Nasdaq: CMCSA, CMCSK) is principally involved in the
development, management and operation of broadband cable networks and
programming content. The Company is the largest cable company in the United
States, serving more than 21 million cable subscribers. The Company's content
businesses include majority ownership of Comcast Spectacor, Comcast SportsNet,
E! Entertainment Television, Style Network, The Golf Channel, Outdoor Life
Network and G4techTV. Comcast Class A common stock and Class A Special common
stock trade on The NASDAQ Stock Market under the symbols CMCSA and CMCSK,