Upping The Ante: Comcast/QVC Increase Stake In Global Sports

PA-based Global Sports said yesterday that Comcast Corp. and QVC Inc. "agreed to invest" $40M more in the company to become its biggest owner, according to the PHILADELPHIA INQUIRER. A joint venture between Comcast and QVC will buy four million shares, raising its stake from 15.7% to 25.8%. The companies will pay $10 a share, pending government and other approvals. One million of the shares will be purchased from Global Sports CEO Michael Rubin, whose ownership stake in the company will fall from 25.3% to 20.2%. Global Sports operates 20 Web sites for companies including QVC, The Sports Authority and Dick's Sporting Goods. Shares of Global Sports yesterday rose $2.55 to close at $11.63 (PHILADELPHIA INQUIRER, 7/24).