Comcast Corp. said Thursday that it had enlisted a partner in a revised all-cash offer for QVC Inc., but bank financing plans remain unchanged.
Last week, Comcast submitted a surprise bid for QVC valued at $2.2 billion in cash and securities. The bid was accompanied by a "highly confident" letter from Bank of New York that it could raise $1 billion in bank financing.
Joining Comcast in the revised bid is Liberty Media Corp., an affiliate of Tele-Communications Inc. Liberty already owns 18.4% of QVC. so the amount of cash needed to finance the revised bid is lower than in the previous offer involving cash and stock. Comcast already owns 15.4% of QVC.
The total amount of cash in the revised offer is $1.27 billion. In addition to the $1 billion in bank loans, funds would be raised through the issuance of subordinated debt, as well as available cash on Comcast's balance sheet.
