US-based QVC Inc. purchased Sky's 20% stake in QVC's UK channel for £49m in cash on Monday.
QVC Inc. now owns 100% of its UK channel. In 1993, QVC and Sky entered into a joint-venture agreement to create the UK channel with an initial term of ten years. QVC says it has bought out Sky's stake based on QVC UK's "proven success" since launch, with QVC UK accounting for around 11% of QVC's total revenue. Bill Costello, QVC International president, said:
"QVC UK has demonstrated tremendous success in the first 10 years of operation. We look forward to continued success as we move forward under this new ownership structure."
The new ownership structure will not, QVC Inc. announced, impact on QVC UK's business activities or day-to-day operations. Carriage on the digital satellite platform will also continue.
QVC Inc. now owns 100% of its UK channel. In 1993, QVC and Sky entered into a joint-venture agreement to create the UK channel with an initial term of ten years. QVC says it has bought out Sky's stake based on QVC UK's "proven success" since launch, with QVC UK accounting for around 11% of QVC's total revenue. Bill Costello, QVC International president, said:
"QVC UK has demonstrated tremendous success in the first 10 years of operation. We look forward to continued success as we move forward under this new ownership structure."
The new ownership structure will not, QVC Inc. announced, impact on QVC UK's business activities or day-to-day operations. Carriage on the digital satellite platform will also continue.
