Category Archives: Liberty

Taylor Heinicke suffers concussion against Liberty
Old Dominion University head football coach Bobby Wilder revealed his quarterback suffered a mild concussion in the Monarch #39;s 21-17 win against Liberty. Hein...

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By Mike Farrell, Multichannel News -- Broadcasting & Cable, 10/10/2013 5:23:45 PM Liberty Interactive said Thursday it would recapitalize the company splitting into two separate tracking stocks Liberty Digital Commerce and QVC Group early next year.

Liberty Digital Commerce would include former Liberty Interactive online and e-commerce companies like Provide Commerce, Backcountry.com, Bodybulding.com, CommerceHub, Right Start and Evite along with cash and certain liabilities. QVC Group would include its shopping channel QVC and its 38% interest in rival home shopping network, HSN Inc. Liberty expects the new trackers to debut by the first half of next year. Liberty Digital is expected to trade under the symbols LDCA and LDCB, while QVC Group will trade under the symbols QVCA and QVCB.

According to the deal, Liberty Interactive would be renamed QVC Group and shareholders would receive one share of Liberty Digital Commerce stock for every 10 shares of QVC Group they own.

For the full story go to Multichannel.com.

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Liberty Interactive To Split Into Two Tracking Stocks

NEW YORK--(BUSINESS WIRE)--

Fitch Ratings has affirmed all the ratings of Liberty Interactive LLC (Liberty) and QVC, Inc. (QVC), including the companies' 'BB' Issuer Default Ratings (IDRs). A full rating list is provided at the end of this release.

Liberty announced its intentions to 1) spin-off its 22% equity/57% voting interest in TripAdvisor Inc. (TRIP) and its BuySeasons Inc. business (Evite will be separated from BuySeasons) and 2) separate the Liberty Interactive tracking stock into two new tracking stocks, QVC and Liberty Digital Commerce.

TRIP and BuySeasons Inc. will be transferred to a new entity and the new entity's equity will be distributed to the Liberty Venture tracking stock holders. BuySeasons, which is currently attributable to Liberty Interactive, will be reattributed to Liberty Ventures. In return Liberty Interactive will receive cash compensation equal to the fair market value of BuySeasons. In conjunction with the spin off, the new entity is expected to borrow $400 million, with $350 million distributed to Liberty and $50 million will remain at the new entity for general corporate purposes.

While Liberty consolidated TRIP into its financial statements, Fitch excluded TRIP from its financial analysis. While the loss of TRIP's value (approximately $2 billion) is unfavorable to the credit profile, Fitch's ratings materially rely on QVC, with Liberty's other investments, such as TRIP, viewed as incremental support to the ratings.

The spin-off of BuySeasons will not have a material change to the credit profile. The operations of BuySeasons was not a material contributor to the Liberty consolidated profile.

Liberty intends to separate the Liberty Interactive tracking stock into two new tracking stocks: Liberty Digital Commerce (LDCA/B), which will have the e-commerce companies attributed to it, and QVC (QVCA/B), which will hold QVC and the 38% HSN Inc. stake.

The Liberty debt attributed to Liberty Ventures is expected to remain unchanged and the Liberty debt attributed to Liberty Interactive is expected to be attributed to the QVC tracking stock.

As Fitch's ratings for Liberty and QVC reflect the consolidated legal entity/obligor credit profile, rather than the tracking stock structure, the separation of the Liberty Interactive tracking stock does not have a material impact on the credit profile. Based on Fitch's interpretation of the Liberty bond indentures, the company could not spin out QVC without consent of the bondholders, based on the current asset mix at Liberty. QVC generates 84% and 96% of Liberty's revenues and EBITDA, respectively. In addition, Fitch believes QVC makes up a meaningful portion of Liberty's equity value. Any spin off of QVC would likely trigger the 'substantially all' asset disposition restriction within the Liberty indentures.

Liberty is exploring financing alternatives for LDC, including a potential $250 million credit facility. The facility is expected to refinance existing facilities across the e-commerce businesses. As Liberty would be the expected issuer of the facility, the borrowing costs will be more favorable for the LDC group.

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Fitch Affirms Liberty Interactive LLC's IDR at 'BB'; Outlook Stable

Liberty announced that its board has also authorized management to pursue a plan to spin-off to holders of its Liberty Ventures Group tracking stock shares of a newly formed company to be called Liberty TripAdvisor Holdings. Trip Holdings would be comprised of, among other things, Libertys 22% economic and 57% voting interest in TripAdvisor (TRIP), as well as Libertys BuySeasons business. BuySeasons would be reattributed from the Liberty Interactive Group to the Liberty Ventures Group prior to the spin-off and cash equal to the fair market value of BuySeasons would be reattributed from the Liberty Ventures Group to the Liberty Interactive Group. The Evite business, also currently a part of Celebrate Interactive, would remain at Liberty attributed to the Liberty Interactive Group. In the spin-off, record holders of Series A and Series B Liberty Ventures common stock would receive 1 share of the corresponding series of Trip Holdings common stock for each share of the Liberty Ventures common stock held by them as of a to-be-determined record date. The completion of the spin-off is expected to occur in the first half of 2014.

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Liberty to spin-off economic, voting interest in TripAdvisor

Linda Loyd, Inquirer Staff Writer Last updated: Friday, October 11, 2013, 2:01 AM Posted: Thursday, October 10, 2013, 5:18 PM

The success of West Chester-based QVC Inc. led its parent company, Liberty Interactive Corp., to announce Thursday that it would give the e-commerce retailer and cable shopping business its own "tracking stock."

Englewood, Colo.-based Liberty said it was making the change "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."

A tracking stock is issued by a parent company to follow the performance of a specific division.

Liberty Interactive operates and owns interests in a broad range of digital commerce businesses now represented by two stocks: Liberty Interactive Group and Liberty Ventures Group.

Liberty's other e-commerce companies, including the digital invitation site Evite, would be part of a new Liberty Digital Commerce stock.

"It's a good move because sometimes the complexity of the Liberty stocks causes them to trade at a discount to their true value," said Tom Forte, Internet analyst with Telsey Advisory Group in New York.

Liberty Interactive also announced it would spin off its stake in travel website TripAdvisor Inc. and online retailer BuySeasons into a new publicly-traded company called Liberty TripAdvisor Holdings.

QVC was founded in 1986 and ranks among the top online merchandise retailers, with $8.5 billion in revenue in 2012. QVC was named by founder Joseph Segel for three guiding principles: Quality, Value, and Convenience.

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Liberty Interactive to issue QVC shares

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Liberty Interactive to spin off TripAdvisor stake

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Liberty Packaging #39;s John Murphy
Liberty Packaging #39;s John Murphy has a long history of helping. Now he wants to help you with Intercept Packaging Technology.

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