Liberty Interactive reaffims intent to create QVC tracking stock, but doesn't say when

Tom Paine

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Liberty Interactive had announced late last year (I believe) its intent to create one of its separate tracking stocks for its West Chester-based QVC business named the QVC Group. Tracking stocks, which Liberty Interactive's John Malone employs frequently, do not carry ownership of a company's assets but are intended to reflect the underlying value of the asset.

Little more had been said and no action had been taken since then. But today Liberty Interactive said it still planned on creating the QVC Group tracking stock, consisting of its interests in QVC and HSN (38%). However, Liberty said it has delayed the move "in light of the pending Provide Commerce transaction (agreed to be acquired by FTD), and other factors. As a result, "Liberty is reevaluating the optimal structure and best alignment of the Liberty Digital Commerce Group assets," and "the timing of the transition to the QVC Group has been delayed".

No word on when it will happen, but when it does the QVC entity will trade separately on the market with a value likely in excess of $10 billion. It may also facilitate the oft-discussed merger of QVC and HSN.