Building Value in Content

Sold September 17, 2003, valued QVC at $14.1B
Sale proceeds: $7.9B ? 37% IRR
January 19, 2004 Launch:
2.2 MM Comcast subscribers

Chicago: Third Comcast Regional Sports Market
October 1, 2004 Launch
248+ Games: Bulls, Cubs, White Sox and Blackhawks
1.5 MM subscribers
December 4, 2003 Purchased Tribune’s Remaining Stake in the Golf Channel; Comcast Now Owns 99%