QVC, Inc. & Comcast Corporation Close $40.0 Million Purcahse of Global Sport's Stock
GLOBAL SPORTS, INC. (NASDAQ: GSPT) and a joint venture company formed by COMCAST CORPORATION (NASDAQ: CMCSK and CMCSA) and QVC, INC., announced today the closing of the purchase of $40.0 million in Global Sports’ common stock that was previously disclosed on July 23, 2001. The 4,000,000 shares purchased by the joint venture consisted of 3,000,000 new shares from the company and 1,000,000 shares from the company’s chairman, president and CEO, Michael Rubin. The shares were purchased by the joint venture at $10.00 per share. On July 20, 2001, the date the parties agreed to the transaction, the closing price of Global Sports’ common stock was $9.08 per share. The investment closed following the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
About Comcast Corporation
Comcast Corporation (www.comcast.com) is principally involved in the development, management and operation of broadband cable networks, and in the provision of electronic commerce and programming content. Comcast Cable is the third largest cable company in the United States serving more than 8.4 million subscribers. Comcast’s commerce and content businesses include majority ownership of QVC, Comcast-Spectacor, Comcast SportsNet, and The Golf Channel, a controlling interest in E! Networks, and other programming investments. Comcast’s Class A Special and Class A Common Stock are traded on The Nasdaq Stock Market under the symbols CMCSK and CMCSA, respectively.
About QVC, Inc.
QVC, Inc., a $3.7 billion company, is an e-commerce leader, marketing a wide variety of brand name products in such categories as home furnishing, licensed products, fashion, beauty, electronics and fine jewelry. QVC reaches over 80 million homes in the United States. Other divisions/subsidiaries include iQVC, Q Direct, QVC Publishing, Q Records, QVC Local, QVC ProductWorks and Pioneer Studios. The QVC Studio Tour is located at the company’s world headquarters in West Chester, PA.
About Global Sports
Global Sports, Inc. (NASDAQ:GSPT) (www.globalsports.com) is a leading developer and operator of e-commerce businesses.
Forward-Looking Statements
All statements made in this release, other than statements of historical fact, are forward-looking statements. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”, “guidance”, and similar expressions typically are used to identify forward-looking statements. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business of Global Sports and the industry and markets in which the company operates. Those statements are not guarantees of future performance and involve risks, uncertainties and assumptions which will be difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied by those forward-looking statements. Factors which may affect Global Sports’ business, financial condition and operating results include the effects of changes in the economy, consumer spending, the stock market and the sporting goods industry generally, changes affecting the Internet and e-commerce, the ability of the company to maintain relationships with strategic partners and suppliers, the ability of the company to timely and successfully develop, maintain and protect its technology and product and service offerings and execute operationally, the ability of the company to attract and retain qualified personnel and the ability of the company to successfully integrate its recent acquisition of Fogdog, Inc. More information about potential factors that could affect Global Sports can be found in its most recent Form 10-K, Form 10-Q and other reports and statements filed by Global Sports with the Securities and Exchange Commission. Global Sports expressly disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated by Global Sports.
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Contact:
Global Sports Contact:
Patricia Henderson
(610) 491-7013
hendersonp@globalsports.com
