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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): September 17, 2003
Comcast Corporation
(Exact Name of Registrant as Specified in Its Charter)
Pennsylvania
(State or Other Jurisdiction of Incorporation)
000-50093 27-0000798
(Commission File Number) (IRS Employer Identification No.)
1500 Market Street
Philadelphia, PA 19102-2148
(Address of Principal Executive Offices) (Zip Code)
(215) 665-1700
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events
On September 17, 2003, Comcast Corporation (the "Company") issued a press
release with respect to the disposition of its indirect stake in QVC, Inc.,
formerly a consolidated subsidiary of the Company. The press release is attached
hereto as Exhibit 99.1.
Item 7(c). Exhibits.
Exhibit
Number Description
- ------ -----------
99.1 Comcast Corporation press release dated September 17, 2003.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Comcast Corporation
Date: September 17, 2003 By: /s/ Arthur R. Block
------------------------------
Name: Arthur R. Block
Title: Senior Vice President,
General Counsel
and Secretary
[COMCAST LOGO]
- -------------------------------------------------------------------------------
Contact:
Tim Fitzpatrick, Director of Corporate Communications - 215-981-8515
FOR IMMEDIATE RELEASE
COMCAST COMPLETES SALE OF ITS STAKE IN QVC TO LIBERTY MEDIA
Philadelphia, PA and Wilmington, DE (September 17, 2003) - Comcast Corporation
(NASDAQ: CMCSA; CMCSK) today announced that it has completed the sale of its
approximate 57% stake in QVC, Inc. to Liberty Media Corporation for $7.9
billion. The consideration was revised to include $1.35 billion in cash,
reducing to $4 billion the portion of the purchase price to be paid in
three-year senior unsecured notes bearing interest at LIBOR plus 1.5%. The
balance of the purchase price was paid through the issuance of approximately 218
million shares of Liberty's Series A common stock (valued at $11.71 per share,
or approximately $2.55 billion). The notes and the shares of Liberty Series A
common stock have been registered with the Securities and Exchange Commission
for resale, to facilitate their disposal or monetization.
Comcast Corporation (www.comcast.com) is principally involved in the
development, management and operation of broadband cable networks, and in the
provision of programming content. The Company is the largest cable company in
the United States, serving approximately 21.3 million cable subscribers. The
Company's content businesses include majority ownership of Comcast Spectacor,
Comcast SportsNet, E! Entertainment Television, Style, The Golf Channel, Outdoor
Life Network and G4. Comcast Class A common stock and Class A Special common
stock trade on The NASDAQ Stock Market under the symbols CMCSA and CMCSK,
respectively. The sellers in this transaction, Comcast QVC Holdings III, IV, V
and VI, Inc. and Comcast QVC Inc., are five indirect wholly owned subsidiaries
of Comcast Corporation.
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