CBS gives up QVC merger as cable company steps in
Thursday 14 July 1994
At the same time Barry Diller, the QVC chief executive for whom the Comcast intervention has come as a personal blow, said that QVC would consider the Comcast offer with other options. Yesterday the QVC board authorised management and advisers to negotiate with Comcast, the third- largest US cable operator.
CBS moved quickly yesterday morning in announcing a dollars 325 cash tender offer for up to 3.5 million of its own shares. The dollars 1.1bn offer, funded from CBS cash reserves, was designed to protect its own share price from a possible fall, while also realising cash for its shareholders, including Mr Tisch himself - he owns 20 per cent of CBS via his Loews Corporation.
Investors were taken by surprise by the bid from Comcast, which owns 15.5 per cent of QVC and had been expected to go along with the CBS merger, valued at dollars 38 a share for QVC shareholders and masterminded by Mr Diller, the former Hollywood executive.
Jessica Reif, analyst at stockbroker Oppenheimer & Co, said that Comcast would probably have to increase the value of its offer to win acceptance from QVC shareholders. She added that if the Comcast bid succeeded, 'I can't believe that Barry Diller will stay at QVC'.
Last year Mr Diller and QVC lost to Viacom in a protracted takeover battle for Paramount Communications. Now Mr Diller has found one of his own partners at QVC thwarting his ambition to make a triumphant return to the mainstream entertainment business.
- 1 Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
- 2 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 3 The Simpsons death: Creator Al Jean would 'kill himself' before character like Homer or Lisa
- 4 British man raped while urinating in bushes at Oktoberfest beer festival in Germany
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
British man raped while urinating in bushes at Oktoberfest beer festival in Germany
George Clooney and Amal Alamuddin wedding: The famous congratulate actor and human rights lawyer after Venice nuptials
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
'Women, walk wherever you want' posters taken down in Stamford Hill following 'unacceptable' signs separating men and women
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...
£300 - £330 per day: Ashdown Group: SQL Developer (Stored Procedures) Watford...