Comcast shedding Liberty Media shares
Copyright 2003 The Deal, L.L.C.
Daily Deal/The Deal
December 5, 2003 Friday
Comcast Corp., the nation's largest cable operator, said Wednesday it has agreed to sell up to 100 million shares of Liberty Media Corp. for about $894 million. Goldman, Sachs Co. and Morgan Stanley are handling the sale. On Tuesday, Comcast shed 85 million Liberty shares in a block trade valued at $914 million, or $10.75 a share, according to a report by UBS Investment Bank analyst Aryeh Bourkoff.
Comcast received 218 million Liberty shares when it sold its 56.5 percent stake in QVC Inc. to Liberty in July. Bourkoff estimates Comcast still holds 33 million Liberty shares, which will likely be sold over the next six to nine months.