Liberty, Comcast Agree to Asset Swap

Jul 21, 2004  •  Post A Comment

John Malone’s Liberty Media and cable titan Comcast agreed Wednesday to an asset swap in which Comcast will trade its stake in Liberty for Liberty’s stake in several programming assets, including E! Entertainment, and cash.

As part of the transaction, Comcast will hand to Liberty the 120.3 million shares of Class A Liberty stock obtained last year when Comcast sold to Liberty its stake in home shopping channel QVC. In exchange, Comcast gets $545 million in cash, Liberty’s 10 percent stake in E!, full control of International Channel Networks and the rights, benefits and obligations associated with a TCI Music contribution agreement.

The deal resolves a legal tussle between Comcast and Liberty over TCI Music, which Comcast inherited when it acquired AT&T Broadband in late 2002.