Wikipedia

Qurate Retail Group

Qurate Retail, Inc.,also known asQurate Retail Group,is an Americanmedia conglomeratecontrolled by company chairmanJohn C. Malone,who owns a majority of thevoting shares.[needs update]

Qurate Retail, Inc.
FormerlyLiberty Interactive Corporation (2011–2018)
Company typePublic
ISIN
IndustryMediaholding company
PredecessorLiberty Media
Founded1991;33 years ago(1991)
HeadquartersEnglewood, Colorado,U.S
Key people
RevenueDecreaseUS$10.9 billion(2023)
IncreaseUS$590 million (2023)
Negative increaseUS$−145 million (2023)
Total assetsDecreaseUS$11.4 billion (2023)
Total equityDecreaseUS$385 million (2023)
OwnerJohn C. Malone(6.7%)
Number of employees
c. 20,300(2023)
DivisionsList of divisions
Websitequrateretailgroup
Footnotes / references
[1]

History

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1998 launch by Liberty Media

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Liberty Interactive logo

Originally a division ofLiberty Media,Liberty Interactive was spun-off by Liberty Media on September 28,1998, to form its own entity entitled. The division was formed with the purpose of taking advantage of emerging technologies, such as set-top boxes, to developinteractiveprogramming. The company initially owned 86% of TCI Music Inc. (NASDAQsymbol: TUNE/TUNEP). As of January 1999,E!President and Chief Executive OfficerLee Mastersbecame the new company's CEO, and Bruce Ravenel became theChief Technology Officer.[2]

On September 10, 1999, TCI Music was renamed Liberty Digital Inc. (NASDAQ symbol: LDIG), with the new company trading on NASDAQ's National Market tier, after Liberty Media traded most of its internet content, interactive television assets, and rights to provide AT&T's cable systems with interactive services, plus cash and notes valued at $150 million, for TCI Music stock.[3]Masters, who became Liberty Digital's CEO, toldThe Wall Street Journalthat the new company had a value of $1 billion, $650 million of that from the interactive unit of Liberty Media, which had also used the name Liberty Digital.[4]Liberty Digital lost $244 million with revenue of $66 million in 1999, thanks to investments in struggling Internet businessesHomeGrocer,drugstore,TiVo Corporation,andiVillage.The company bought half of theGame Show Networkbecause of its interactive features.[5]

On December 17, 1999, TCI Satellite Entertainment Inc. (TSAT), based inEnglewood,Colorado,announced that Liberty Media was trading its interest in Sprint PCS for $300 million in TCI Satellitepreferred stock.A new company, ninety percent owned by Liberty Media and ten percent owned by TCI Satellite, would combine the satellite-related businesses and take advantage of the growing area of Internet content.[6]

Spin-offs

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In 2004, IAC/Interactive announced thespin-offof its travel siteExpediainto the new company Expedia.Barry Dillerremained the head of IAC/Interactive and the chairman of Expedia,[7]a move that was completed in 2005.[8]

In November 2007, Liberty Media announced four major spin-offs:HSN,Ticketmaster,Interval (vacation and time-share business) andLendingTree.All spun off companies became publicly-traded. IAC retained most of its emerging internet businesses:Ask,Evite,Match,Vimeo,CitysearchandZwinky.All spun off units remained headed by Barry Diller.[9][10]

In 2010, Liberty Media announced that it would spin off Liberty Starz and Liberty Capital into separate entities.[11][12]

In October 2014, Liberty Interactive spun offBuySeasonsand its stake in TripAdvisor into a new company, Liberty TripAdvisor Holdings.[13]

In 2016, Liberty Interactive announced that it completed spin off of CommerceHub as a separate company and its interests in Expedia andBodybuildinginto a new company, Liberty Expedia Holdings.[14]

2010s sales and acquisitions

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In July 2014, Liberty Interactive announced it would be selling Provide Commerce (parent ofProFlowers) toFTDin return for an equity stake in FTD.[15]

In October 2014, Liberty Interactive announced its board had approved the division of the firm into two trading stocks – one for its shopping business, QVC Group, and another for its digital commerce, Liberty Digital Commerce, which would trade as Liberty Ventures Group.[16]

In April 2017, Liberty Interactive announced it would acquire Alaskan cable companyGCI.[17]On July 6, 2017, Liberty Interactive announced that it would purchase the remaining 62% ofHSNstock that it didn't already own, in a $2.1 billion all-stock deal at $40.36 a share.[18][19][20]

In July 2017, Liberty Interactive announced that later that year it would spin off its "cable holdings and other non-retail assets" into the new company Liberty Ventures, with Liberty Interactive to be renamed QVC Group. QVC Group would consist of QVC, HSN, Cornerstone Brands, and Zulily.[21]

On March 1, 2018, Liberty Interactive Corporation announced that it would rename itself to Qurate Retail Group.[22][23][24]

In July 2021, Qurate Retail announced that former president and CEO Mike George would be replaced by David Rawlinson II on October 1 of the same year.[25][26]

In May 2023, Qurate Retail Group's stock was facing a delisting from the Nasdaq if share prices are unable to rebound, as their stock has declined over 80% over the past year.[27]To avoid delisting, Qurate Retail announced the sale of Zulily toRegent, L.P.[28]In October 2023, CreditRiskMonitor reported that Qurate Retail Group was nearing a potentialChapter 11 bankruptcyfiling.[29]

Activities

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See also

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References

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  1. ^"2023 Annual Report (Form 10-K)".U.S. Securities and Exchange Commission.February 28, 2024.
  2. ^"Liberty Media Forms Interactive Venture (Press release)".PR Newswire.Archived fromthe originalon 2007-10-17.Retrieved2019-09-06.
  3. ^"TCI Music and Liberty Media Complete Transaction (Press release)".PR Newswire.Archived fromthe originalon 2007-10-17.Retrieved2019-09-06.
  4. ^"Liberty Media, TCI Form Internet Group – InternetNews".internetnews.Retrieved2015-04-24.
  5. ^Doan, Amy (August 26, 2000)."Liberty Is Sweet on Interactive TV".Forbes.RetrievedMarch 5,2009.
  6. ^"TCI Satellite Entertainment, Inc. Announces Investment By Liberty Media Corporation and Formation of Joint Venture (Press release)".PR Newswire.Archived fromthe originalon 2011-08-31.Retrieved2019-09-06.
  7. ^"Barry Diller's IAC/InterActive to Spin Off Expedia".FOX News.Reuters. 21 December 2004.Retrieved30 August2018.
  8. ^"IAC/InterActiveCorp (Nasdaq: IACI) today announced the successful completion of the spin-off of Expedia, Inc. to IAC shareholders".Viewfinder.9 August 2005.Retrieved30 August2018.
  9. ^Gershberg, Michele (5 November 2007)."IAC to spin off four units, shares up".Reuters.Retrieved30 August2018.
  10. ^Fabrikant, Geraldine (6 November 2007)."IAC/InterActive to Split Into 5 Companies".New York Times.Retrieved30 August2018.
  11. ^Liberty Media Will Spin Off Liberty Capital and Liberty Starz
  12. ^company history – Liberty Media
  13. ^"Liberty Interactive files to spin off TripAdvisor stake".Reuters.2014-05-06.Retrieved2017-09-24.
  14. ^"Liberty Interactive Corporation Announces Completion of CommerceHub Spin-Off".Qurate Retail.2016-07-22.
  15. ^FTD to buy Liberty Interactive's floral-gift business for $430M
  16. ^"Liberty Interactive splits into cable shopping, e-commerce groups"(Press release). Reuters. 6 October 2014.
  17. ^"Liberty Interactive Buys GCI of Alaska".Telecompetitor.Retrieved2017-09-24.
  18. ^"QVC to Acquire Rival HSN for More Than $2 Billion".Wall Street Journal. 6 July 2017.
  19. ^"QVC buying longtime rival Home Shopping Network in deal valued at $2.1 billion".CNBC. 6 July 2017.
  20. ^Isidore, Chris (6 Jul 2017)."QVC buying rival Home Shopping Network".CNN Money.Retrieved6 July2017.
  21. ^Bond, Shannon; Kwan Yuk, Pan (July 6, 2017)."Liberty to combine QVC and HSN in $2.1bn deal".Financial Times.United Kingdom.RetrievedJuly 9,2017.
  22. ^"Liberty Interactive to Change Name to Qurate Retail Group".prnewswire(Press release).Retrieved8 March2018.
  23. ^"QVC owner Liberty Interactive to rebrand as Qurate Retail Group".Retail Dive.Retrieved2023-11-16.
  24. ^Spangler, Todd (2018-03-01)."John Malone's Liberty Interactive, Owner of QVC and HSN, to Rename Itself 'Qurate'".Variety.Retrieved2023-11-16.
  25. ^"Qurate Retail, Inc. Announces David Rawlinson II as Next President and CEO".businesswire.2021-07-13.Retrieved2021-07-13.
  26. ^Kapner, Suzanne (2021-07-13)."Owner of QVC and HSN Hires David Rawlinson as Its Next CEO".Wall Street Journal.ISSN0099-9660.Retrieved2021-07-13.
  27. ^"QVC, HSN parent Qurate Retail Group faces delisting from Nasdaq is share price doesn't rebound".The Business Journals.May 3, 2023.RetrievedOctober 3,2023.
  28. ^"Qurate Retail Announces Sale of Zulily to Regent".May 24, 2023.RetrievedMay 24,2023.
  29. ^"11 retailers at risk of bankruptcy in 2023".Retail Dive.October 2, 2023.RetrievedOctober 3,2023.
edit
  • Official website
  • Business data for Qurate Retail, Inc. (Series A):
  • Business data for Qurate Retail, Inc. (Series B):
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