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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.