Word: comcasts
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...board meetings of QVC and CBS approached, the Robertses summoned Lazard Freres investment bankers Steven Rattner and Felix Rohatyn to Comcast's Philadelphia offices on Friday, July 8. Rattner flew in from Martha's Vineyard, Massachusetts, and Rohatyn was fetched in a Comcast plane from his summer retreat on Long Island, New York. The talk centered on financing the Comcast bid, with Brian Roberts nonetheless repeatedly asking, "Are we doing this only because we're angry?" After securing a $1 billion line of credit from the Bank of New York last Monday, the Robertses were ready to strike. They began...
...have to give Comcast credit," concurs an industry consultant. "When Barry was on the line for Paramount, Brian Roberts killed himself to support Barry. He worked the phones, he worked the press, he worked the investment community; he was an extremely loyal and effective ally in Barry's biggest battle. When a guy does that and the next thing you do is turn around and screw him, it seems to me he's entitled to better...
...Robertses' dismay, the merger with CBS would have sliced Comcast's 15% stake in QVC to 4.9% of the new company; even though the Robertses would have profited handsomely from the deal, it would have left them with little voice in the fate of the shopping network they had nurtured. Moreover, regulations limiting cross-ownership would have kept Comcast, the nation's third largest cable-TV operator with revenues of $1.3 billion, from ever taking a seat on the merged company's board or increasing its holdings beyond 5%. "We were open with Barry about our predicament because of government...
...that hardly ends the story. Diller seemed prepared to foil Comcast last week by actively seeking higher offers for QVC from telephone companies and other cable concerns. And even if no one else comes along, Diller can console himself with the $100 million or so that he stands to make by selling his QVC holdings to Comcast. But that is not likely to calm a restless Diller. "Barry's not a pig," says his close friend Diane Von Furstenberg. "The money is a consequence, but not his first goal. Barry has always fulfilled his dreams...
...Comcast Stuns...