QVC Buys Back BSkyB Stake3/01/2004 5:08 AM Eastern
QVC Inc. said Monday that it bought out its minority partner and now holds full control of the company.
The Liberty Media Corp. unit purchased British Sky Broadcasting Group plc’s BSkyB Home Shopping Ltd.'s 20% shareholding of their U.K. joint venture, QVC - The Shopping Channel, for approximately $92 million.
"QVC UK has demonstrated tremendous success in its first 10 years of operation," QVC International president Bill Costello said in a prepared statement. "We look forward to continued success as we move forward under this new ownership structure."
QVC said QVC UK accounts for approximately 11% of its total revenue.