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COMCAST CORP 8-K Report (Oct 1, 2003)

Reports
Other Events
Filing Date
Filed October 1, 2003
Period End
September 17, 2003
Securities
CMCSACCZ
In the record · 2016–202610-K1110-Q328-K167

CMCSA filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 167 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’16May ’16
  2. Leadership change8-K · Dec ’18Dec ’18
  3. Material agreement8-K · Mar ’21Mar ’21
  4. Leadership change8-K · Sep ’25Sep ’25

01—Abstract

Summary

Summary of the 8-K filed October 1, 2003. Cited figures are marked; the original filing is the authoritative source.

Comcast Corporation has filed an 8-K report detailing the completion of a significant asset disposition on September 17, 2003.

The company, through its subsidiary Comcast QVC, Inc., sold all shares of QVC common stock to Liberty Media Corporation. This transaction involved a substantial exchange of assets, including approximately $4 billiona in Liberty's Floating Rate Senior Notes due 2006, $1.35 billion in cash, and approximately 218 million shares of Liberty Series A common stock. This divestiture marks a strategic move by Comcast, potentially reshaping its asset portfolio and financial structure.

The received Liberty Notes were subsequently sold for approximately $3.0 billionb, generating significant cash proceeds. The filing also includes furnished pro forma financial information that provides a clearer picture of Comcast's financial position post-transaction, offering investors a snapshot of the company's financial health and strategic direction.

02—Key points

Key Highlights

  1. Comcast completed the sale of its QVC common stock shares to Liberty Media Corporation on September 17, 2003.
  2. The transaction's consideration included approximately $4 billion in Liberty Notes, $1.35 billion in cash, and ~218 million shares of Liberty Series A common stock.
  3. The Liberty Series A common stock received was valued at $11.71 per share, representing approximately 7.5% of Liberty's outstanding common stock.
  4. Comcast subsequently sold $3.0 billion principal amount of the received Liberty Notes for net proceeds of approximately $3.0 billion.
  5. The filing includes unaudited pro forma condensed consolidated financial statements as of June 30, 2003, and for prior periods.
  6. The sale was executed in accordance with an Amended and Restated Stock Purchase Agreement dated June 30, 2003.

03—Questions

Frequently Asked Questions

  1. What was the primary event reported in this 8-K filing?

    The primary event reported is the completion of Comcast's sale of all its QVC common stock shares to Liberty Media Corporation, which occurred on September 17, 2003.

  2. What did Comcast receive in exchange for the QVC shares?

    Comcast received approximately $4 billion in principal amount of Liberty's Floating Rate Senior Notes due 2006, approximately $1.35 billion in cash, and approximately 218 million shares of Liberty Series A common stock.

  3. What happened to the Liberty Notes Comcast received?

    Comcast sold an aggregate of $3.0 billion principal amount of the Liberty Notes for net proceeds of approximately $3.0 billion shortly after receiving them.

  4. What is the significance of the pro forma financial information?

    The furnished pro forma financial information (Exhibit 99.1) provides investors with a condensed consolidated balance sheet as of June 30, 2003, and statements of operations for the six months ended June 30, 2003, and prior years. This information offers a clearer view of Comcast's financial position and performance adjusted for the impact of the QVC divestiture.

04—Continue

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