SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: February 1, 1994
BELLSOUTH CORPORATION
(Exact name of registrant as specified in its charter)
Georgia 1-8607 58-1533433
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
1155 Peachtree Street, N. E., Atlanta, Georgia 30367-6000
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (404) 249-2000
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Item 5. Other Events
On February 1, 1994, BellSouth Corporation ("BellSouth") announced it will
invest an additional $500 million in QVC Network, Inc. ("QVC") equity
securities, bringing to $2 billion the total it has committed to QVC contingent
on successful completion of its proposed merger with Paramount Communications,
Inc. ("Paramount").
The additional investment will help QVC to strengthen its bid for Paramount,
raising the cash portion of its bid to $104.00 per share.
Under the new agreement, BellSouth, which had earlier agreed to purchase $1.5
billion in QVC common and convertible preferred stock, committed to the
additional purchase of $500 million in QVC common stock.
The agreement announced on February 1, 1994 also revises the share prices that
were outlined in the initial purchase agreement. Under the revised terms,
BellSouth has committed to purchase $1 billion in QVC common stock at $52.00 per
share and the additional $500 million in QVC common stock at $42 per share.
BellSouth will also purchase $500 million of QVC 6% convertible exchangeable
preferred stock, convertible into QVC common stock at $55.00 per share.
The purchases, which remain contingent on QVC successfully completing its
proposed merger with Paramount, would make BellSouth QVC's largest shareholder.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BELLSOUTH CORPORATION
By: /s/Ronald M. Dykes
Ronald M. Dykes
Vice President and Comptroller
February 1, 1994
