Comcast has agreed to sell its stake in QVC, Inc for approximately $7.9 billion to Liberty Media Corporation.
The transaction, a combination of cash and stocks, is expected close before year-end.
Brian L. Roberts, president and CEO of Comcast Corporation, said in a statement the decision to sell was difficult for the company.
“QVC is an exceptional and unique business, but we took a very disciplined financial approach to our evaluation,” he said. “The cable business continues to be our core focus.”
Comcast is the largest cable company in the United States, serving approximately 21.3 million cable subscribers. The company’s content businesses include majority ownership of Comcast Spectacor, Comcast SportsNet, E! Entertainment Television, Style, The Golf Channel, Outdoor Life Network and G4.
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