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Nov. 12, 2015, 10:08 AM
- On a heavy reorg day for Liberty stocks, with Liberty Media recapitalizing its stock groups, Liberty Interactive/Liberty Ventures (QVCA -0.8%, LVNTA +1.5%) is set to pursue two spin-offs: CommerceHub, and Liberty Expedia Holdings.
- CommerceHub would consist of that integration services company -- easy -- while Expedia Holdings would encapsulate Liberty Interactive's ownership in Expedia as well as Bodybuilding.com.
- The company expects the CommerceHub A and B shares to trade as CHUBA and CHUBB, while the Expedia Holdings shares would trade as LEXEA and LEXEB on Nasdaq.
- The tax-free moves would leave Liberty Ventures Group with businesses not in the QVC Group, including Evite, LMC Right Start, the interests in FTD, Lending Tree, Interval Leisure, Time Warner and Time Warner Cable along with other securities.
Nov. 4, 2015, 4:37 PM
- Liberty Interactive (NASDAQ:QVCA): Q3 Net income of $154M
- Revenue of $2.15B (-7.7% Y/Y) beats by $150M.
Oct. 1, 2015, 3:25 PM
- Liberty Interactive (QVCA +0.5%, LVNTA +1.2%) has acquired all the remaining shares of Zulily (NASDAQ:ZU), wrapping its $2.4B deal.
- The deal was completed through a second-step merger of Liberty's Mocha Merger Sub unit into Zulily. Shares of QVCA and cash have been delivered and Zulily's no longer trading.
- Liberty plans to maintain separate brands for QVC and Zulily, and has pointed toward Zulily-branded sales events both on the air and online.
Aug. 17, 2015, 8:06 AM
- Liberty Interactive (NASDAQ:LVNTA), (NASDAQ:QVCA) agrees to buy zulily (NASDAQ:ZU) for $18.75 per share - $9.375 in cash and 0.3098 newly issued shares of QVCA. The deal is expected to close in Q4.
- A conference call to discuss the merger is set for 9 ET
- Zulily closed Friday at $12.57.
- Previously: Zulily halted with news pending (Aug. 17)
Aug. 5, 2015, 8:35 AM
- Liberty Interactive (NASDAQ:QVCA): Q2 net income of $242M
- Revenue of $2.25B (-9.3% Y/Y) beats by $270M.
May 18, 2015, 4:31 AM
- Discovery Communications (NASDAQ:DISCA) CEO David Zaslav received total compensation of $156M in 2014, making him the highest-paid boss of a U.S.-listed company, excluding the top private-equity firms, an NYT-commissioned survey finds.
- Next on the list is Liberty Global's (NASDAQ:LBTYA) Michael Fries with $112M, while Gregory Maffei earned $74M for heading Liberty Media (NASDAQ:LMCA) and Liberty Interactive (NASDAQ:LVNTA). With Charter Communications' (NASDAQ:CHTR) Thomas Rutledge raking in $16M, four CEOs of companies controlled by or heavily associated with media mogul John Malone took home over $350M.
- Still, the Malone boys have nothing on Kenneth Griffin, the founder and CEO of P-E firm Citadel, who earned a mere $1.3B.
May 8, 2015, 8:46 AM
- Liberty Interactive (NASDAQ:QVCA): Q1 net income of $91M
- Revenue of $2.21B (-9.4% Y/Y) beats by $220M.
Feb. 25, 2015, 6:48 PM
- Liberty Interactive (NASDAQ:QVCA) posted solid revenues on the back of QVC's strong U.S. performance, while the company said international markets did well despite currency headwinds.
- U.S. revenues increased 5% to 2B (for the full year, up 4% to $6.1B) and grew in all categories except electronics.
- Units sold increased 9% in Q4; average selling price slipped 5% to $61.64 and returns improved 40 bps.
- QVC outstanding debt was up $0.8B, to $4.6B at year's end.
- Liberty Ventures Group closed its sale of Provide Commerce to FTD on Dec. 31 for $145M in cash and about a 35% ownership interest in FTD.
- "We are also pleased by the performance of the Liberty Ventures and QVC Group stocks post the reattribution we completed in October, with both stocks trading above their respective pre-reattribution levels," says CEO Greg Maffei.
- The company repurchased about 3.8M QVC Group A shares for a total of $107M from Nov. 1-Jan. 31, leaving a buyback authorization of $677M. No repurchases of Liberty Ventures A (NASDAQ:LVNTA); remaining authorization there is $812M.
- Total consolidated GAAP cash at year's end was $2.31B. Total debt was $8.1B.
Feb. 25, 2015, 5:22 PM
- Liberty Interactive (NASDAQ:QVCA): Q4 adj. Net income of $273M
- Revenue of $2.78B (+1.5% Y/Y) in-line.
Jan. 28, 2015, 5:12 PM
- Liberty Interactive (QVCA,LVNTA,LVNTB) will pay an extraordinary cash distribution totaling $53.8M to holders of its 1% Exchangeable Senior Debentures due 2043.
- The payout is tied to a $10 special dividend issued by HSN (NASDAQ:HSNI) for its shareholders of record Feb. 9.
- With HSNI paying out its dividend on Feb. 19, Liberty will pay its distribution of $134.58/debenture on March 19, to debenture holders of record March 5.
Dec. 15, 2014, 10:00 AM
- Select broadcast TV stocks are higher after the FCC approves the merger between Media General and LIN Media.
- Shares of the new combined company will trade under the Media General name and symbol after the deal closes later this month.
- Some media analysts think further consolidation within the sector is likely.
- Broadcasters: Media General (NYSE:MEG) +3.7%, LIN Media (NYSE:LIN) +3.0%, Nexstar Broadcasting Group (NASDAQ:NXST) +1.4%, Journal Communications (NYSE:JRN) +1.0%, Liberty Ventures (NASDAQ:LVNTA) +0.6%.
Aug. 28, 2014, 12:46 PM
Aug. 27, 2014, 6:36 PM
- Liberty Interactive (NASDAQ:LINTA) has finished spinning off its 22% TripAdvisor (NASDAQ:TRIP) stake into a new company called TripAdvisor Holdings. Starting tomorrow, TripAdvisor Holdings will trade under the symbols LTRPA and LTRPB.
- Liberty's stake carries with it 57% of TripAdvisor's voting rights. Wunderlich recently argued TripAdvisor might eventually buy back the stake in a cash/stock deal.
Jul. 23, 2014, 5:41 PM
May 12, 2014, 1:20 PM
- TV broadcast stocks are outperforming for the day after the sector was tapped by M.D. Sass to soar.
- The investment firm notes there is a disconnect between the 10% of carriage fee revenue broadcasters haul in compared to the 35% of total viewing they account for across the industry. A normalization of the revenue mix is in the "early inning," according to Sass.
- A timely initiation by Wells Fargo of Media General at Outperform is also giving a boost.
- Gainers: E.W. Scripps (SSP) +7.6%, Nexstar Broadcasting (NXST) +5.7%, Media General (MEG) +4.8%, Liberty Interactive (LVNTA) +1.9%, Sinclair Broadcast Group (SBGI) +1.9%, Gray Television (GTN) +1.7%.
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