Focus on Entertainment Stocks : Spotlight: QVC Network Inc.
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In December, Barry Diller made a “$25-million bet” on interactive cable when he purchased 3% of QVC’s common stock and became the company’s chairman and chief executive. It seems that bet has paid off. QVC recently announced a joint venture with Rupert Murdoch to bring a home shopping channel to Europe. And in fiscal 1992, pretax operating profit climbed 40% and long-term debt dropped $152.5 million to $7.6 million. Analysts predict that Diller’s leadership will inspire strong future performance.
Major Properties * Cable: 44 million home shopping network subscribers * Products: Jewelry, electronics, clothing, toys, cosmetics * Designers: Joan Rivers, Diane Von Furstenberg, Nolan Miller, Bob Mackie, Liz Claiborne, Jessica Mitchell
Financial Data * Market capitalization: $2.17 billion * Cash: $4.3 million * Long-term debt: $7.6 million * 1992 revenue: $1.07 billion * 1992 profit: $55.1 million * Earnings per share: $1.24
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