Posts Tagged ‘John Malone’

QVC’s Parent, And John Malone, Go Back To The Past

April 5, 2017

In a deal that we have’t quite figured out yet, on Tuesday QVC’s parent, Liberty Interactive Corp., announced that it was purchasing an Alaska-based cable company, General Communications Inc.

http://ir.libertyinteractive.com/releasedetail.cfm?ReleaseID=1020047

The power behind the throne at Liberty is John Malone, a cable cowboy and financial whiz who made his name creating the cable giant Tele-Communications Inc. years ago.

Here is part of the announcement:

Liberty Interactive Corporation (“Liberty Interactive”) (Nasdaq: QVCA, QVCB, LVNTA, LVNTB) and General Communication, Inc. (“GCI”) (Nasdaq: GNCMA) today announced that they have entered into a definitive agreement (the “Agreement”) whereby Liberty Interactive will acquire GCI through a reorganization in which certain Liberty Ventures Group (“Liberty Ventures”) assets and liabilities will be contributed to GCI in exchange for a controlling interest in GCI.

Liberty Interactive will then effect a tax-free separation of its controlling interest in the combined company (to be named GCI Liberty, Inc. (“GCI Liberty”)) to the holders of Liberty Ventures common stock in full redemption of all outstanding shares of such stock.

“We are pleased to announce this transaction with GCI,” said Greg Maffei, Liberty Interactive President and CEO. “GCI is the largest communications provider in Alaska, generates solid cash flow with upside potential and is a strong fit with the largest businesses in Liberty Ventures. This transaction will ultimately create a standalone Liberty Ventures, reducing the tracking stock discount and enabling an asset-backed QVC Group.”

“This transaction with Liberty Interactive brings GCI back full circle, as GCI was part of TCI until 1986. We couldn’t think of a better owner, and look forward to being the largest operating asset within GCI Liberty,” said Ron Duncan, GCI President and CEO. “We will continue to run the company with our focus on providing the best value for Alaska customers, offering opportunities for our employees and investing wisely in the Alaska market.”

Liberty Interactive believes the creation of GCI Liberty will provide the following benefits:

Reduce Liberty Ventures tracking stock discount
Provide greater flexibility for GCI Liberty to pursue future strategic transactions
Produce strong free cash flow allowing for potential stock repurchases
Establish a strong currency that will be a more effective tool for management compensation and retention
Provide financial flexibility for future borrowings

Liberty Interactive believes an asset-backed QVC Group will provide the following benefits:

Establish leading pure play discovery based retail and eCommerce company
Liberty Interactive expected to be renamed QVC Group, Inc.
Make QVC Group eligible for possible inclusion in stock indices through elimination of tracking stock structure
Reduce the tracking stock discount
Increase near-term and annual liquidity through reattribution (discussed below) of approximately $329 million(1) of cash and approximately $130 million annual free cash flow from tax savings related to exchangeable bonds that will grow
Cash can be used for investments, stock repurchases and debt reduction
Establish a strong currency that will be a more effective tool for management compensation and retention and for potential future acquisitions
Maintain strong ability and liquidity to service all debt.

Even Reuters agreed that this is a complex transaction, which is Malone’s specialty.

http://www.reuters.com/article/us-general-communication-m-a-liberty-int-idUSKBN1761EW

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QVC’s Parent To Release Third-Quarter Results Nov. 8

October 8, 2016

QVC’s parent company, Liberty Interactive Corp., will report third-quarter earnings Nov. 8, John Malone’s empire announced Friday.

Liberty President and CEO Greg Maffei will host a conference call to discuss results at noon that day.

Following prepared remarks, the company will host a brief Q&A session during which management will accept questions regarding both Liberty Interactive and Liberty TripAdvisor Holdings. This is when QVC honcho Mike George usually chimes in.

During the call, Maffei may discuss the financial performance and outlook of both companies, as well as other forward looking matters including the proposed split-off of Liberty Expedia Holdings Inc.

To those interested, call ReadyTalk at (844) 307-2219 or (678) 509-7635 at least 10 minutes prior to the call. Callers will need to be on a touch-tone telephone to ask questions. The conference administrator will provide instructions on how to use the polling feature.

In addition, the third-quarter conference call will be broadcast live online.

All interested participants should visit the Liberty Interactive website at http://www.libertyinteractive.com/events to register for the webcast. Links to the press release and replays of the call will also be available on the Liberty Interactive Corporation website.

The conference call and related materials will be archived on the website for one year after appropriate filings have been made with the Securities and Exchange Commission.

QVC’s Parent Puts $2.4 Billion In Charter-Time Warner Cable Deal

May 27, 2015

We used to cover the cable TV industry, and one thing we learned was that John Malone, the so-called cable cowboy and pioneer, usually found a way to get what he wanted. And he wanted Time Warner Cable.

Malone, via Charter, in 2014 failed in his first bid to acquire Time Warner, and the news accounts at that time crowed that Brian Roberts, the head of media powerhouse Comcast Corp., had swooped in and outmaneuvered Malone.

John Malone

John Malone

But when federal regulators indicated they would not approve Comcast’s proposed purchase of Time Warner, Malone had the last laugh, using his cable company Charter to buy it.

http://www.bloomberg.com/news/articles/2015-05-25/charter-said-to-near-deal-for-time-warner-cable-at-195-a-share

What does this all have to do with home shopping?

On Tuesday QVC’s parent and a company chaired by Malone, Liberty Interactive Corp., announced that it was going to invest $2.4 billion in Liberty Broadband “in connection with (and contingent upon) the closing of today’s announced proposed merger of Charter Communications Inc. and Time Warner Cable Inc.”

The press release said that proceeds of the investment will be used by Liberty Broadband to fund, in part, its agreement to acquire $4.3 billion of Charter stock.

Liberty Interactive’s investment in Liberty Broadband will be funded using cash on hand and will be attributed to the Liberty Ventures Group.

“We are excited for Liberty Interactive to make this attractive investment in Liberty Broadband, providing our shareholders with the unique opportunity to realize value from the proposed consolidation in the cable industry announced today by Charter,” Liberty President and CEO Greg Maffei said in a canned statement. “Through this transaction, Liberty Interactive has the ability to deploy a significant amount of capital and become a meaningful shareholder of Liberty Broadband.”

Liberty Interactive operates and owns interests in a broad range of digital commerce businesses currently attributed to two tracking stock groups: the QVC Group and the Liberty Ventures Group.

The businesses and assets included in the QVC Group are of QVC Inc., and its interest in HSN Inc.

The assets attributed to the Liberty Ventures Group include its interest in Expedia, Interval Leisure Group, Lending Tree and FTD, its subsidiaries Backcountry.com, Bodybuilding.com, CommerceHub, LMC Right Start and Evite, and minority interests in Time Warner and Time Warner Cable.

Maffei To Head QVC’s Parent Liberty Through 2019

December 30, 2014

At last, some news after the holidays.

Greg Maffei will continue as President and CEO of Liberty Interactive Corp., parent of QVC, and Liberty Media Corp. through 2019, the companies said Monday.

Their boards approved new employment arrangements with Maffei.

“We are extremely pleased that Greg will continue in his leadership role for another five years,” Cable cowboy John Malone, chairman of Liberty Interactive and Liberty Media, said in a canned statement. “His creativity and strategic vision have been transformational and have created tremendous shareholder value since he joined us in 2005.”

Maffei, usually a man of few words, had his own quote, although he didn’t say much, other than brown-nosing his bosses.

“I am thrilled to continue in my role at Liberty,” Maffei said. “I want to thank John and the board members for the support I have received as we have made significant investments and transformative changes. Today, Liberty has a portfolio of businesses that are very well-positioned for the digital mobile era, led by great management teams, with the resources to be opportunistic in the future.”

Under the Maffei’s new deal, he will get an annual base salary of $960,750, increasing annually by 5 percent of the prior year’s base salary, and an annual target cash bonus equal to 250 percent of the applicable year’s base salary.

He also has the opportunity to earn annual performance-based equity incentive awards during the employment term. And they are sweet.

http://ir.libertyinteractive.com/secfiling.cfm?filingid=1104659-14-89108&CIK=1355096

Liberty Interactive operates and owns interests in a broad range of digital commerce businesses attributed to two tracking stock groups: the QVC Group and the Liberty Ventures Group.

The businesses and assets attributed to the QVC Group (Nasdaq: QVCA, QVCB) consist of Liberty Interactive’s subsidiary, QVC Inc., and its interest in HSN, Inc., and the businesses and assets attributed to the Liberty Ventures Group (Nasdaq: LVNTA, LVNTB) consist of all of Liberty Interactive Corporation’s businesses and assets other than those attributed to the QVC Group, including its interest in Expedia, its subsidiaries Provide Commerce, Backcountry.com, Bodybuilding.com, CommerceHub, LMC Right Start and Evite, and minority interests in Time Warner, Time Warner Cable, Lending Tree and Interval Leisure Group.

Wall Street Journal Calls QVC John Malone’s ‘Bargain’

October 28, 2011

QVC got a valentine from The wall Street Journal Thursday.

A story in the “Heard on the Street” section, headlined “Chasing Liberty’s QVC Bargain,” lauded the home shopping network’s financials.

http://online.wsj.com/article/SB10001424052970203554104577000053090148234.html

“It’s hard to age gracefully on television,” the lede of the story said. “But home-shopping networks are poised to become classics.”

The article noted that while brick-and-mortar retailers such as Wal-Mart are seeing sales declines, QVC has rebounded. Although its revenue dropped 6 percent in 2008, QVC is now posting single single-digit increases, according to The Journal.

The story also said that QVC’s core shoppers are women 35-to-64, not the demo that typically cuts its cable service.

The No. 1 home shopping network, part of cable cowboy John Malone’s Liberty Interactive, also boasts high margins.

QVC Parent Liberty Media Bids $1 Billion for Barnes & Noble

May 20, 2011

We are still having problems posting, so sorry we are late on this.

Cable cowboy John Malone often surprises Wall Street, and us, and yesterday’s news that his Liberty Media was making an offer to buy beleaguered Barnes & Noble was no exception. Liberty Media, of course, is the parent of QVC.

With the advent of e-readers, brick-and-mortar book retailers such as Barnes & Noble are in trouble. And the head of the book seller, Len Riggio, put the company on the block.

Is there synergy with QVC?

The home shopping network has the infrastrucure in place to distribute print books all over the county, like Amazon.com.

And this deal would guarantee QVC host Rick Domeier continued distribution of his inspiractional book, “Can I Have a Do-Over?”

Cable dude John Malone

Here’s last night’s press release.

Liberty Media Announces Proposal to Acquire Barnes & Noble
ENGLEWOOD, Colo., May 19, 2011 (BUSINESS WIRE) —

Liberty Media Corporation (Nasdaq: LCAPA, LCAPB, LINTA, LINTB, LSTZA, LSTZB) announced today that it has made a proposal to acquire Barnes & Noble Inc. for $17 per share in cash. Barnes & Noble is the established leader in bookselling and is at the forefront of the transition to digital, with a management team that has demonstrated expertise in operations and positioned the company for growth in a dynamic marketplace.

Liberty’s proposal, which contemplates that the acquisition will be structured as a merger, is subject to various conditions, including satisfactory financing and the participation of founding chairman Leonard Riggio, both in terms of his continuing equity ownership and his continuing role in management. Liberty’s equity ownership, which would be attributed to the Liberty Capital group, is expected to be approximately 70% of Barnes & Noble. Liberty expects that its cash contribution toward the purchase price, depending on the amount of financing that can be obtained, will be in the range of $500 million.

As previously announced, Liberty plans to split-off the businesses, assets and liabilities currently attributed to the Liberty Capital and Liberty Starz tracking stock groups.

Comcast, Past Owner Of QVC, Now Owns 17 Percent Of ShopNBC

February 8, 2011

Comcast, the Philadelphia cable cabal, is back in the home shopping business.

Comcast, which once owned QVC, now holds a roughly 17 percent stake in ShopNBC, as a result of its acquisition of NBC Universal, according to a filing the media giant made Monday with the Securities and Exchange Conmmission.

ValueVision Media, ShopNBC’s corporate name, had 37.7 million shares outstanding as of Jan. 5. NBCU, now part of Comcast, owns 6.4 million, or 17 percent, of those shares. Comcast/NBCU will be getting an additional 1 million shares in May as part of a licensing agreement that permits ShopNBC to continue using “NBC” in its name.

And 10 percent of ShopNBC’s common stock is owned by management.

QVC, once of Comcast CEO Brian Robert’s favorite assets, is now owned by cable cowboy John Malone’s Liberty Media.

Van Totaled, Chatting Up ‘Jerseylicious’ Tracy DiMarco, Robert Lee Morris Meet-And-Greet, Back At The Spotted Donkey, Max Gone, Fall In Sheboygan: The Second Anniversary Of Our Layoff

January 27, 2011

Recently we’ve had dealings with some of the folk we knew when we covered the cable TV industry — before we were laid off exactly two years ago today.

We have to chuckle to ourselves when they say, “Oh, Linda Moss. Where have you been?”

We want to answer back, in our best Jersey accent, “Yo, where have you been?”

This summer our lovely BFF Ann McGettigan (left) and The Homeshoppingista visited QVC and rubbed shoulders with famed jewelry designer Robert Lee Morris (did we run this photo large enough?)

Here’s where we’ve been since Jan. 26, 2009:

• Writing 850 blogs for this site, The Homeshoppingista, which some say has become a must-read for the home shopping industry — and sometimes a thorn in the side of QVC, HSN and ShopNBC.

• Writing about New Jersey-related TV programming, such as “Jerseylicious,” and cable-vs.-programmers spats in the Garden State for NewJerseyNewsroom.com.

The Homeshoppingista interviewing Tracy DiMarco of Jerseylicious

• Writing about health care and telecommunications for a fantastic website on public policy, NJSpotlight.com, run by two of our former colleagues at The Herald-News, Lee Keough and Tom Johnson.

• Writing blogs on dementia for a website.

• Writing and breaking stories for TVNewsCheck.com, which is run by a great newspaperman and gent, Harry Jessell.

• Writing market profiles for Harry’s NetNewsCheck.com, which is run by my former colleague Eric Smith, another smart and talented – and blessedly un-anal — editor.

• Crafting blogs for nearly a dozen websites, with most of those pertaining to traumatic brain injury, for a chap, Gordon Johnson, we went to Medill (as in J-school) with. But he was smart, he became a lawyer. “American Idol” candidate Chris Medina got across the heartbreak of TBI lasr night when he told the story of his now-wheelchair bound fiancee.

• Doing a bit of volunteer work for the corporate public relations department of the Saint Barnabas Health Care System, New Jersey’s largest hospital chain, as well as its affiliate, Clara Maass Medical Center.

• Going on dates, with more men in the past two years than we had in the prior 10, when we were working 10 to 12 hours a day, and some weekends and vacations.

• Learning how to use a Mac.

• Traveling to Chicago for a TBI conference for lawyers.

• Going to Wisconsin to see a brain injury survivor, Lethan Candlish, perform a remarkable one-man show about his recovery. Lethan is a master storyteller.

TBI storyteller Lethan Candlish

We must say, it’s a breath of fresh air to in many cases be interviewing and writing for people who don’t have a clue who John Malone or Brian Roberts is. Malone, oh non-cable people, is head of Liberty Media, which owns QVC.

You see, the cable TV industry is a close-knit cabal. That has its pluses and negatives. Some cable folk – and we adore many of them — only see the world through the prism of that industry, as if nothing exists outside it. Maybe it’s just natural for people in an industry to have such tunnel vision.

A year ago we blogged about the first anniversary of our layoff today. The past year has had a lot of ups and downs, personally.

Pet lovers will get this, but it was traumatic when our parents had to put down their dog of more than a dozen years, the min pin Max. Our father many a time threatened to kill that mutt, when he would jump on the table and run off with food, etc. But we were all in the vet’s office, and all cried, when Max was put to sleep.

Our nephew Evan (who told us to buckle up), our dad and niece Sydney at the Tropicana in Atlantic City, seven months before our Columbus Day accident

Just weeks later our dad tried to cheer everyone up by taking us to Atlantic City for Columbus Day weekend. On the way back on the Garden State Parkway my sister’s van – with my parents, sister, brother-in-law, niece, nephew and us in it – was T-boned by a car that came out of nowhere and flew across several lanes of traffic to crash into us.

We can still remember the shock when we were hit, and had no idea what was happening.

Luckily, we all had our seatbelts on (after our 6-year-old nephew Evan had reminded us to buckle up). But the other car hit the side of the van right next to our dad. The jaws of life got him out, but he fractured several vertebrae. He was in and out of the hospital so many times than we lost count, for both his back and his rotator cuff. He was taken by ambulance to the ER many times.

It truly is a miracle that we weren’t killed. Unfortunately our dad was hurt, but no one else was.

At Thanksgiving dinner, our dad always would say grace. This year, he said something like, “Thank you, oh Lord, for our health. Sort of.”

And we all laughed. Our father is nothing if not honest.

But there was plenty of good during the past year. After more than two years away from our beloved Arizona, we finally returned in December, with a guy. Thanks BJ!

It’s much better watching the sunset in Cave Creek, sucking down a prickly pear margarita at the Spotted Donkey Cantina, when you are sharing it with someone. We also enjoyed huckleberry margaritas, and the famous “Big Ass Burger,” at the Roaring Fork.

Watching the sunset from the patio of the Spotted Donkey Cantina, while sipping a prickly pear margarita, is glorious

We and our bud Ann McGettigan got to meet famed jewelry designer Robert Lee Morris when we visited QVC this summer.

And we’ve enjoyed the writing we’ve done during the past year, as we’ve become mini-experts on topics such as TBI, concussions, Obama’s health reform, Alzheimer’s, heparin, malpractice, nursing and plane crashes.

Our clips are now links to dozens of stories that we’ve written since being shoved out the door at Multichannel News. And there is a light at the end of the tunnel for us. More on that later.

And we still have this quote from Louis L’Amour on our bulletin board: “There will come a time when you believe everything is finished. Yet that will be the beginning.”

You were right, Louie.

Dig These QVC Parent Liberty Media Dentures, Whoops We Mean Debentures

January 18, 2011

For those who think that our home-shopping coverage is frivolous, here’s some real financial news. But you have to be a CFO to figure it out.

QVC’s parent, cable cowboy John Malone’s Liberty Media, Tuesday announced a semi-annual payment to the holders of its 3.5 percent senior exchangeable debentures due in 2031. The amount of the payment is $17.50 per $1,000 of original principal amount of the debentures.

This semi-annual payment will result in the further reduction of the adjusted principal amount of the debentures. As previously announced, the principal amount of the debentures was reduced in the amount of $162.616 per debenture, resulting in an adjusted principal amount equal to $837.384 per debenture.

This adjustment resulted from an extraordinary distribution of cash that was paid to bondholders on January 10, 2007 in accordance with the indenture governing the debentures.

This extraordinary distribution arose from Freescale Semiconductor’s merger with an entity controlled by a consortium of private equity firms in exchange for cash.

At that time, Liberty announced that, in accordance with the indenture, the adjusted principal amount of the debentures would be further reduced on each successive semi-annual interest payment date to the extent necessary to cause the semi-annual payment on that date to represent the payment by Liberty, in arrears, of an annualized yield of 3.5 percent of the adjusted principal amount of the debentures.

The adjustments described above will not affect the amount of the semi-annual payments received by holders of the debentures, which will continue to be a rate equal to 3.5 per cent per annum of the original principal amount of the debentures.

The semi-annual interest payment and additional distribution are expected to be made on Jan. 18, 2011 to holders of record of the debentures Jan. 1, 2011.

QVC Parent Liberty Media To Present At The 2011 Citi Global Conference

December 29, 2010

Liberty Media Corp. president and CEO at Greg Maffei will be presenting at the 2011 Citi Global Entertainment, Media and Telecommunications Conference next Wednesday at 3:35 p.m. Mountain Standard Time at The Arizona Biltmore in Phoenix,the company said Wednesday.

Why should you care? Cable honcho John Malone’s Liberty Media owns QVC, that’s why.

During his presentation, Maffei may make observations regarding the company's financial performance and outlook and may discuss the previously announced split-off of the Liberty Capital and Liberty Starz tracking stock groups.

The presentation will be broadcast live via the Internet. All interested persons should visit the Liberty Media site at http://www.libertymedia.com/events to register for the webcast. An archive of the webcast will also be available on this website for 30 days.