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QVC WARRANTHOLDERS ACCEPT CONVERSION OFFER

 WEST CHESTER, Pa., Dec. 29 /PRNewswire/ -- QVC Network, Inc. (NASDAQ: QVCN) announced today that its offer to exchange QVC warrants into shares of QVC common stock has been accepted by 12 of its 14 warrantholders.
 The acceptances will extinguish warrants that would have been exercisable for 7,061,000 shares, leaving 2,419,000 shares still covered by warrants.
 The warrants that are tendered will be exchanged for shares of QVC common stock equivalent in value to the difference between the warrant exercise price and a conversion price of $37.75 per share, resulting in the issuance of approximately 4,368,000 shares of QVC Common Stock. The conversion price was based on the average of the closing prices for QVC common stock for the five trading days ending Dec. 22, 1992.
 The exchanges will be carried out, at the warrantholder's election, either as an issuance of shares with an aggregate value equal to the difference between the conversion price and the exercise price or as an exercise of the warrants for cash or previously issued shares and a repurchase of shares using the total cash proceeds. In either case, the number of shares issued to a warrantholder accepting the offer will be the same.
 /delval/
 -0- 12/29/92
 /CONTACT: William F. Costello of QVC, 215-430-8938/
 (QVCN)


CO: QVC Network, Inc. ST: Pennsylvania IN: ENT SU:

MJ-CC -- PH007 -- 0306 12/29/92 11:22 EST
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Publication:PR Newswire
Date:Dec 29, 1992
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