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John Malone doesn’t want to be just an investor in QVC, Inc. � he wants to run it outright. Malone’s Liberty Media Corporation, which already owns 42 percent of QVC, announced on July 3 that it would buy the rest of the home-shopping cable channel from Comcast Holdings Corporation. The deal is valued at $7.9 billion in cash, stock, and a three-year unsecured note. Pending regulatory approvals, the acquisition is expected to close at the end of the year. Malone’s QVC purchase is a run-up for what may be the biggest media deal of the year: Vivendi Universal S.A.’s auction of its U.S. entertainment assets, which include Universal Film Studio, the Sci-Fi and USA cable networks, and the Universal theme parks (but not the company’s music division). Liberty is one of the bidders for those assets, which should fetch over $10 billion. For acquiror Liberty Media Corporation (Englewood, Colorado) In-house: General counsel Charles Tanabe. Baker Botts (Houston): Corporate: Frederick “Buzz” McGrath, Robert Murray, Jr., of counsel Robert Scott Langley, Jr., and associates Renee Crean and Kristin Hespos. Tax: Tamar Stanley and Gail Stewart. Intellectual property: Christopher Kennerly. (McGrath, Murray, Langley, Crean, and Hespos are in New York; Stanley is in Washington, D.C.; Stewart is in Houston; and Kennerly is in Dallas.) Baker Botts began representing Tele-Communications, Inc., in 1992, when Liberty was a TCI subsidiary. TCI merged with AT&T Corp. in 1999. Two years later, when Liberty was spun off, it was represented by Baker Botts. Carter Ledyard & Milburn (New York): Telecommunications: Robert Hoegle, counsel Mary Diemer, and associate Brad Farrell. Carter regularly represents Liberty. (All are in Washington, D.C.) For target QVC, Inc. (West Chester, Pennsylvania) In-house: General counsel Neal Grabell. Willkie Farr & Gallagher (New York): Corporate: Daniel Rubino and associate Michael Adelstein. Tele-communications: Philip Verveer and associate Jonathan Friedman. Executive compensation & employee benefits: Frank Daniele. (Verveer and Friedman are in Washington, D.C.) Willkie has represented QVC for 14 years. For seller Comcast Holdings Corporation (Philadelphia) In-house: General counsel Arthur Block, senior deputy general counsel Marc Rockford, and senior counsel � Comcast Cable Andrew Rosenberg. Davis Polk & Wardwell (New York): Corporate: Dennis Hersch and associates Nathaniel Greenwald, Mutya Fonte Harsch, and Felicia Williams. Tax: Avishai Shachar and associate Robert Heller. Antitrust: Bruce Dallas and Ronan Harty. (Dallas is in Menlo Park.) Hersch is Comcast’s regular deal counsel.

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