Cable and satellite home shopping broadcaster QVC was today poised for new ownership following a deal valuing the channel at £8.4bn (€12.2bn).
US cable giant Comcast sold its majority stake in QVC to co-owner Liberty Media, the media conglomerate headed by entrepreneur John Malone.
The deal was sparked when Liberty triggered a clause in the two firms’ co-ownership agreement which stated Comcast had to either buy Liberty’s stake, sell its own stake to Liberty or grant approval for the sale of QVC as a whole.
The full value of the transaction has yet to be confirmed along with payment terms which are likely to include a mix of cash and shares.
QVC reaches around 85 million homes in the US and also has international operations in Japan and Germany.
Robert Bennett, president and chief executive of Liberty, said: “QVC has been a pioneer in electronic retailing throughout the world.”