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Liberty, Comcast complete swap

Wed, 07/28/2004 - 8:00pm
Jeff Baumgartner

Liberty Media Corp. and Comcast Corp. on Wednesday completed an earlier announced deal that boosts Comcast's stake in E! Entertainment Television to 60.5 percent, and gives the MSO 100 percent ownership interest in International Channel.

The agreement also gives Comcast all of Liberty's rights and obligations under a TCI Music agreement and about $545 million in cash. The close also erases all pending litigation between Comcast and Liberty tied to the TCI Music contribution agreement, which Comcast inherited when it purchased AT&T Broadband back in November 2002.

Under terms of the deal, Liberty Media redeemed 120.3 million shares of its series A stock held by Comcast in exchange for 100 percent of the stock of Encore ICCP Inc., a Liberty Media subsidiary.

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