| Malone Moves to Oust Diller
Never underestimate John Malone when it comes to getting what he wants. The billionaire onetime cable baron has been hot on the trail of Home Shopping Network for months, eager to pressure its current owner, IAC/Interactive Corp. (IACI), into selling it to him. But insiders say that Barry Diller, IAC's CEO, is asking for too much. So Malone and his Liberty Media (LCAPA) are moving to oust Diller and stop a planned breakup of his online commerce company. The spoils? Likely a cut-rate deal for HSN, the TV shopping outfit, which Malone would then merge with Liberty's QVC shopping network into a giant television and online outlet for porcelain vases and zirconium jewelry. After months of negotiating, and some non-too-subtle jabs at Diller in the press and before investor forums, Liberty pulled out its nuclear option Jan.
IAC's shares jump 2% amid turmoil
IAC/InterActiveCorp, owner of the HSN home shopping network and Ticketmaster, rose almost 2 percent in U.S. trading on speculation billionaire John Malone will fail to wrest control of the company from chairman Barry Diller. Malone's Liberty Media Corp., which holds 30 percent of IAC's shares and 62 percent of its voting power, asked a court to let it oust Diller and six directors from IAC's board, according to a complaint filed Monday in Wilmington, Del. Liberty, the Douglas County-based owner of the QVC and Starz channels, wants to name three directors to IAC's board to fill the vacancies. IAC and Liberty traded lawsuits last week over Diller's plan to split IAC into five publicly traded companies and to halve Liberty's voting power. IAC rose 48 cents to $25.65 in Nasdaq composite trading, the highest since Jan.
Pier 1, QVC among bidders in Bombay Co. bankruptcy auction
Liquidators weren't the only bidders for Bombay Co. last week. According to bankruptcy court documents, Fort Worth-based Pier 1 Imports Inc. and television shopping network QVC Inc. participated in the auction last week for bankrupt retailer Bombay Co. .
Liberty Media reports mixed 3rd quarter; Starz shines, QVC slumps
Liberty Media Corp. said today its third-quarter revenue climbed, although a solid performance by the Starz cable TV channel was offset by lower sales in the QVC home-shopping network. The diversified media holding company, founded by cable pioneer John Malone, was expected to release full consolidated financial statements later today. Liberty, based in suburban Englewood, has divided its assets into two groups, Liberty Interactive Group, which includes QVC and other e-commerce businesses, and Liberty Capital Group, which consists of Starz Entertainment LLC. Each has its own tracking stock. Liberty said its interactive group reported a 10 percent drop in operating income to $231 million from $257 million last year. Revenue edged up to $1.69 billion from $1.65 billion.
'It's Exciting Lighting' Battery-Operated 'Festive Sconce' Shines for ...
RAHWAY, N.J., Nov. 15 /PRNewswire/ -- The newest product of "It's Exciting Lighting(TM)" battery-operated wall sconces -- the Tiffany-inspired Festive Sconce - has taken the spotlight for the holiday shopping season. These unique and hassle-free wall sconces hang as easily as a picture -- requiring no holes, installation or wiring. "It's Exciting Lighting" wall sconces are battery-operated and come in a variety of models that fit any function and decor. More than 35 versions of the sconces are available within three primary categories: The "It's Exciting Lighting" products are available online at http://www.itsexcitinglighting.com. The sconces are frequently featured on the QVC network, with a September segment resulting in the sale of nearly 700 units in less than six minutes.
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