Subsequent Events (Notes) |
6 Months Ended |
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Jun. 30, 2017 | |
| Subsequent Events [Abstract] | |
| Subsequent Events [Text Block] |
Subsequent Event
Subsequent to June 30, 2017, QVC declared and paid dividends to Liberty in the amount of $33 million.
As of August 1, 2017, zulily had $325 million outstanding on the shared tranche within the Third Amended and Restated Credit Agreement.
On July 6, 2017, Liberty announced that it had entered into an Agreement and Plan of Merger, dated as of July 5, 2017 (the “HSN Merger Agreement”), by and among Liberty, Liberty Horizon, Inc., a Delaware corporation and a direct, wholly owned subsidiary of Liberty (“Merger Sub”), and HSN. Pursuant to the terms of the HSN Merger Agreement, Merger Sub will merge with and into HSN, with HSN surviving as a wholly-owned subsidiary of Liberty (the “HSN Merger”). As a result of the HSN Merger, Liberty will acquire the approximately 62% of HSN it does not already own in an all-stock transaction. Liberty currently owns approximately 38% of HSN and, under the HSN Merger Agreement, will acquire the remaining stake, making HSN a wholly-owned subsidiary that will be attributed to the QVC Group.
The HSN Merger is expected to be completed by the fourth quarter of 2017. The completion of the acquisition is subject to certain customary conditions, including (i) the receipt of requisite regulatory approvals, including approval from the Federal Communications Commission and the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and (ii) approval by a majority of the outstanding voting power of HSN shareholders. A voting agreement has been obtained from Liberty to vote its HSN shares in-favor of the transaction. Approval of the Liberty stockholders is not required, and is not being sought, for the HSN Merger.
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