LIBERTY MEDIA CORPORATION ANNOUNCES TENDER OFFER FOR UP TO 15 MILLION SHARES OF COMMON STOCK OF HOME SHOPPING NETWORK, INC.
DENVER, April 19 /PRNewswire/ -- Liberty Media Corporation (NASDAQ: LBTYA) ("Liberty") announced today that it intends to commence a cash tender offer to purchase up to 15 million shares of the common stock of Home Shopping Network, Inc. (NYSE: HSN) at a price of $7.00 per share. In announcing the tender offer, Liberty is re-affirming its confidence in HSN. Peter R. Barton, president and CEO of Liberty, said: "By increasing our investment in HSN at this time, Liberty is making a profound statement of confidence in both the management of HSN led by President Gerry Hogan, and the financial viability of the company. We hope this puts the unfounded anxieties about the financial condition of HSN behind us once and for all." Liberty noted that the tender offer will provide HSN's public stockholders, who may have been disappointed by the withdrawal of Liberty's earlier merger proposal, with an opportunity to sell their shares for cash at a substantial premium over the last closing price of HSN's common stock prior to the announcement of the tender offer and without the usual transaction costs associated with open market sales. Liberty indicated that purchases of shares pursuant to the tender offer would be made out of available cash on hand and, therefore, the offer would not be subject to any financial condition. In addition, consummation of the tender offer will not be subject to a condition relating to any minimum number of shares being tendered. Liberty currently owns 20 million shares of HSN's Class B common stock and 616,300 shares of its common stock. Such shares constitute approximately 23 percent of the outstanding common equity of HSN. As a result of the Class B common stock being entitled to cast 10 votes per share on matters submitted to stockholders, such shares constitute approximately 65 percent of the outstanding voting power of HSN. If Liberty purchases the 15 million shares it is offering to purchase, it would increase its ownership of HSN's common equity to 40 percent of the outstanding shares. Liberty's Class A common stock, Class B common stock and Class E 6 percent Cumulative Redeemable Exchangeable Junior Preferred Stock is traded in the over-the-counter market under the symbols LBTYA, LBTYB and LBTYP, respectively. -0- 4/19/93 /CONTACT: Robert Bennett of Liberty Media Corporation, 303-721-5410/ (HSN LBTYA)
CO: Liberty Media Corporation; Home Shopping Network, Inc. ST: Colorado, Florida IN: TLS SU: TNM
AW-JJ -- FL015 -- 7470 04/19/93 14:05 EDT
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|Date:||Apr 19, 1993|
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