WEST CHESTER, Pa., Oct. 10, 2013 /PRNewswire/ -- Liberty Interactive Corporation ("Liberty") (Nasdaq: LINTA, LINTB, LVNTA, LVNTB) announced today that it plans to create a QVC Group tracking stock as part of a recapitalization of the Liberty Interactive Group tracking stock.
The QVC Group class of common stock will track the value of QVC, Inc. and Liberty's approximate 38% interest in HSN, Inc., along with cash and certain liabilities. The QVC Group tracking stock is intended to provide greater clarity regarding QVC's strong operating metrics, such as its leadership in mobile commerce and pioneering efforts in establishing social shopping platforms for its customers. The other assets and liabilities that currently comprise the Liberty Interactive tracking stock, including Liberty's e-commerce companies (such as Provide Commerce, Backcountry.com and Bodybuilding.com), will be attributed to a new Liberty Digital Commerce tracking stock. In the recapitalization, holders of Liberty Interactive Group tracking stock will receive a distribution of the new Liberty Digital Commerce tracking stock, and the name of the Liberty Interactive Group tracking stock will be changed to the QVC Group tracking stock. The recapitalization is subject to customary closing conditions, including the receipt of the requisite stockholder approvals and certain tax opinions.
"As the global leader in video and e-commerce retail, QVC is defining the future of retail at a time of significant industry change," said Mike George, President & CEO of QVC, Inc. "Our leading e-commerce and mobile platforms enable us to deepen relationships with our customers, who are among the most loyal in retail, while engaging new customers as well. Our ability to connect with customers across multiple platforms and around the world enables us to deliver positive and consistent financial results."
According to the just-released 2014 "Internet Retailer Mobile 500," QVC is the third largest mobile commerce player (up from number five on the 2013 list) and is number two among all multi-category retailers, behind only Amazon.com.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV