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EXHIBIT 99.4
Global Sports Contact:
Dana Stein Grosser
Director of Corporate Communications
(610) 491-7000
[email protected]
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QVC Contact:
Ellen Rubin
Vice President, Public Relations
(610) 701-1647
[email protected]
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FOR IMMEDIATE RELEASE
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COMCAST CORPORATION AND QVC, INC. TO INVEST $40.8 MILLION IN GLOBAL SPORTS FOR
19% STAKE IN COMPANY
COMCAST AND QVC ALSO PURCHASE WARRANTS TO ACQUIRE ADDITIONAL STAKE IN GLOBAL
SPORTS
GLOBAL SPORTS SELECTED TO DEVELOP AND OPERATE NEW SPORTING GOODS STORE ON IQVC
PHILADELPHIA, PENNSYLVANIA, WEST CHESTER, PENNSYLVANIA, and KING OF PRUSSIA,
PENNSYLVANIA, September 13, 2000 - GLOBAL SPORTS, INC. (NASDAQ: GSPT) announced
today that Comcast Corporation (NASDAQ: CMCSK and CMCSA) and QVC, Inc., through
a joint venture company, have agreed to acquire from Global Sports 5.0 million
common shares of Global Sports stock at $8.15 per share in cash . This $40.8
million investment will give the companies a combined ownership interest in
Global Sports of approximately 19% of the currently outstanding common shares.
In addition, the Comcast and QVC venture has agreed to purchase, for $562,000 in
cash, warrants to purchase an additional 4.5 million shares of Global Sports
common stock, at prices ranging from $8.15 to $10.00 per share. Assuming full
exercise of all of the warrants by the Comcast and QVC venture, the aggregate
investment in Global Sports would be $82.1 million representing a total
ownership of approximately 26% on a fully diluted basis. The transaction is
expected to be completed in October following expiration of the waiting period
under the Hart-Scott-Rodino Antitrust Improvements Act and the satisfaction of
certain customary conditions.
Global Sports also announced today that it has entered into a letter of intent
with iQVC, the e-commerce division of QVC, to develop and operate the sporting
goods store for iQVC. This will represent Global Sports' seventh new alliance in
2000 and 13th alliance since inception. The new iQVC sports store is expected to
launch in time for the upcoming Holiday season and will include a broad
selection of merchandise from approximately 1,000 leading sporting goods brands.
Commenting on the multiple deals, Doug Briggs, President of QVC, Inc., said,
"Our impending relationship with Global Sports is a synergistic homerun. QVC's
14-year track record in electronic commerce combined with Global Sports'
presence in the sports merchandising category, makes a real winning team."
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Michael G. Rubin, Chairman and CEO of Global Sports, commented, "These deals,
which add important new strategic investors, raise substantial additional
capital, and secure an alliance to power the sporting goods store for one of the
premier general merchandise e-merchants, clearly take our company to the next
level. The strategic significance of these transactions is enormous. As a
leading e-commerce company, QVC's knowledge, experience, and infrastructure in
critical functions, such as customer care, fulfillment, and logistics, both in
the United States and abroad, are renowned. Moreover, as a media powerhouse,
with particularly strong ties in sports programming and entertainment, Comcast
provides the opportunity for tremendous benefit as e-commerce increasingly
evolves with the popularization of broadband and digital television services.
With over $40 million in new cash, combined with our existing strong capital
position, we believe that we have more than enough cash to reach profitability."
Mr. Rubin continued, "We are also extremely excited to develop and operate the
sports store for iQVC, clearly one of the leading general merchandise e-tailers.
Furthermore, with the power of the overall QVC business, which generates more
than $3.0 billion in annual revenues, we are excited about the potential of this
new alliance."
About Comcast Corporation
Comcast Corporation (www.comcast.com) is principally involved in the
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development, management and operation of broadband cable networks, and in the
provision of electronic commerce and programming content. Comcast Cable is the
third largest cable company in the United States and, incorporating pending
cable transactions, will serve more than 8.2 million subscribers. Comcast's
commerce and content businesses include majority ownership of QVC, Comcast-
Spectacor, Comcast SportsNet, and The Golf Channel, a controlling interest in E!
Networks, and other programming investments.
About QVC, Inc.iQVC, the Internet's #1 General Merchandise retailer (August 2000
Forrester PowerRankings), is the online retailing division of QVC, Inc. QVC,
Inc., a $3.3 billion company, is an e-commerce leader, marketing a wide variety
of brand name products in such categories as home furnishing, licensed products,
fashion, beauty, electronics and fine jewelry. QVC reaches over 75 million homes
in the United States. Other divisions/subsidiaries include Q Direct, QVC
Publishing, Q Records, QVC Local, QVC ProductWorks and Pioneer Studios. The QVC
Studio Tour is located at the company's world headquarters in West Chester, PA.
About Global Sports
Global Sports, Inc. (NASDAQ:GSPT) (www.globalsports.com) is a leading developer
and operator of e-commerce sporting goods businesses. Global Sports develops and
operates the e-commerce sporting goods businesses of specialty retailers,
general merchandisers, Internet companies, and media companies under exclusive
long-term agreements. The Company operates the e-commerce sporting goods
businesses of www.bluelight.com -- the exclusive e-commerce partner for Kmart,
www.broadbandsports.com and www.athletesdirect.com, www.buy.com,
www.dunhamssports.com, store.foxsports.com, www.mcsports.com, www.oshmans.com,
www.qvc.com, www.sportchalet.com, www.sportsrus.com, www.theathletesfoot.com,
www.thesportsauthority.com, and store.webmd.com.
Statements about Global Sports' outlook and all other statements in this release
other than historical facts are forward-looking statements. Since these
statements involve risks and uncertainties, they are subject to change at any
time and Global Sports' actual results may differ materially from expected
results. Many Global Sports' forward-looking statements are based upon certain
assumptions, and there are inherent difficulties in predicting certain important
factors that could impact these assumptions. These factors, as and when
applicable, are discussed in Global Sports' filings with the SEC.
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