A second wave of attacks began midday Friday after much of the eastern United States was affected in the morning. Sites affected included Etsy, ...
Online sporting goods operator Global Sports gets $40 million from QVC and Comcast Corp. and says second quarter sales will be greater than expected while losses will be lower than expected.
King of Prussia, PA-based Global Sports Inc. has received a $40 million investment from a joint venture of Comcast Corp. and QVC Inc. The Comcast/QVC joint venture has agreed to purchase 4 million shares of common stock, including 3 million new shares from the company and 1 million shares from Chairman, President and CEO Michael Rubin at $10 per share.
This is the second round of investment from these companies and gives them a bigger stake in the business. The joint venture gives Comcast and QVC 25.8% of outstanding stock. Investment funds affiliated with Softbank Holdings Inc. will have 24.8% of shares and Rubin will have 20.2% of shares. The remaining 29.2% of the company is owned by individual investors.
Global Sports, which now partners with 20 sporting goods companies to operate their e-commerce sites, also announced that it expects to exceed the average of analysts’ consensus expectations for the second quarter of 2001, including greater than expected sales and a smaller than expected pro forma net loss. With the new investment of $30 million, the company’s pro forma cash position at the end of the second quarter would have been $93.6 million.