Qurate Retail Group

Last updated
Qurate Retail, Inc.
FormerlyLiberty Interactive Corporation (2011–2018)
Company type Public
ISIN
Industry Media holding company
Predecessor Liberty Media
Founded1991;34 years ago (1991)
Headquarters Englewood, Colorado, U.S
Key people
RevenueDecrease2.svg US$10.9 billion (2023)
Increase2.svg US$590 million (2023)
Increase Negative.svg US$−145 million (2023)
Total assets Decrease2.svg US$11.4 billion (2023)
Total equity Decrease2.svg US$385 million (2023)
Owner John C. Malone (6.7%)
Number of employees
c. 20,300 (2023)
Divisions List of divisions
Website qurateretailgroup.com
Footnotes /references
[1]

Qurate Retail, Inc., also known as Qurate Retail Group, is an American media conglomerate controlled by company chairman John C. Malone, who owns a majority of the voting shares.[ needs update ]

Contents

History

1998 launch by Liberty Media

Liberty Interactive logo Liberty Interactive logo.gif
Liberty Interactive logo

Originally a division of Liberty 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 develop interactive programming. The company initially owned 86% of TCI Music Inc. (NASDAQ symbol: TUNE/TUNEP). As of January 1999, E! President and Chief Executive Officer Lee Masters became the new company's CEO, and Bruce Ravenel became the Chief 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, told The Wall Street Journal that 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 businesses HomeGrocer, drugstore.com, TiVo Corporation, and iVillage. The company bought half of the Game Show Network because of its interactive features. [5]

On December 17, 1999, TCI Satellite Entertainment Inc. (TSAT), based in Englewood, Colorado, announced that Liberty Media was trading its interest in Sprint PCS for $300 million in TCI Satellite preferred 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

In 2004, IAC/Interactive announced the spin-off of its travel site Expedia into the new company Expedia. Barry Diller remained 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) and LendingTree. All spun off companies became publicly-traded. IAC retained most of its emerging internet businesses: Ask.com, Evite, Match.com, Vimeo, Citysearch and Zwinky. 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 off BuySeasons and 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 and Bodybuilding.com into a new company, Liberty Expedia Holdings. [14]

2010s sales and acquisitions

In July 2014, Liberty Interactive announced it would be selling Provide Commerce (parent of ProFlowers) to FTD in 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 company GCI. [17] On July 6, 2017, Liberty Interactive announced that it would purchase the remaining 62% of HSN stock 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 to Regent, L.P. [28] In October 2023, CreditRiskMonitor reported that Qurate Retail Group was nearing a potential Chapter 11 bankruptcy filing. [29]

Activities

See also

References

  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 from the original on 2007-10-17. Retrieved 2019-09-06.
  3. ↑ "TCI Music and Liberty Media Complete Transaction (Press release)". PR Newswire . Archived from the original on 2007-10-17. Retrieved 2019-09-06.
  4. ↑ "Liberty Media, TCI Form Internet Group – InternetNews". www.internetnews.com. Retrieved 2015-04-24.
  5. ↑ Doan, Amy (August 26, 2000). "Liberty Is Sweet on Interactive TV". Forbes . Retrieved March 5, 2009.
  6. ↑ "TCI Satellite Entertainment, Inc. Announces Investment By Liberty Media Corporation and Formation of Joint Venture (Press release)". PR Newswire . Archived from the original on 2011-08-31. Retrieved 2019-09-06.
  7. ↑ "Barry Diller's IAC/InterActive to Spin Off Expedia". FOX News. Reuters. 21 December 2004. Retrieved 30 August 2018.
  8. ↑ "IAC/InterActiveCorp (Nasdaq: IACI) today announced the successful completion of the spin-off of Expedia, Inc. to IAC shareholders". Viewfinder. 9 August 2005. Retrieved 30 August 2018.
  9. ↑ Gershberg, Michele (5 November 2007). "IAC to spin off four units, shares up". Reuters. Retrieved 30 August 2018.
  10. ↑ Fabrikant, Geraldine (6 November 2007). "IAC/InterActive to Split Into 5 Companies". New York Times. Retrieved 30 August 2018.
  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. Retrieved 2017-09-24.
  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. Retrieved 2017-09-24.
  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. Retrieved 6 July 2017.
  21. ↑ Bond, Shannon; Kwan Yuk, Pan (July 6, 2017). "Liberty to combine QVC and HSN in $2.1bn deal". Financial Times . United Kingdom. Retrieved July 9, 2017.
  22. ↑ "Liberty Interactive to Change Name to Qurate Retail Group". www.prnewswire.com (Press release). Retrieved 8 March 2018.
  23. ↑ "QVC owner Liberty Interactive to rebrand as Qurate Retail Group". Retail Dive. Retrieved 2023-11-16.
  24. ↑ Spangler, Todd (2018-03-01). "John Malone's Liberty Interactive, Owner of QVC and HSN, to Rename Itself 'Qurate'". Variety. Retrieved 2023-11-16.
  25. ↑ "Qurate Retail, Inc. Announces David Rawlinson II as Next President and CEO". www.businesswire.com. 2021-07-13. Retrieved 2021-07-13.
  26. ↑ Kapner, Suzanne (2021-07-13). "Owner of QVC and HSN Hires David Rawlinson as Its Next CEO". Wall Street Journal. ISSN   0099-9660 . Retrieved 2021-07-13.
  27. ↑ "QVC, HSN parent Qurate Retail Group faces delisting from Nasdaq is share price doesn't rebound". The Business Journals. May 3, 2023. Retrieved October 3, 2023.
  28. ↑ "Qurate Retail Announces Sale of Zulily to Regent". May 24, 2023. Retrieved May 24, 2023.
  29. ↑ "11 retailers at risk of bankruptcy in 2023". Retail Dive. October 2, 2023. Retrieved October 3, 2023.
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