Qvc

Affirmative action challengeNationsBank Corp. has filed a lawsuit challenging how the federal government is monitoring the company's record on affirmative action.The suit seeks to stop the U.S. Labor Department from using bank-employment records in two cities to review the Charlotte, N.C.-based banking company's record on hiring and promoting women and minorities.NationsBank says in the suit, filed last week, that the department's "unwarranted and unreasonable designation" of its Tampa, Fla., and Columbia, S.C., operations for review could cause the bank "to suffer actual injury," because the department can bar the company from federal contracts.

Acquisition of QVC completedComcast Corp. and Tele-Communications Inc. said yesterday that they have completed their $1.42 billion acquisition of QVC Inc., accepting all shares of the home shopping network that were tendered.The transaction closed one week after the Federal Trade Commission voted 4-0 to let TCI buy a bigger share in QVC, ending months of uncertainty for the nation's largest cable TV operator.Comcast owns 57.4 percent of the joint venture, while TCI's Liberty Media owns about 42.6 percent.

Sale of QVC approved by FTCTwo of the nation's largest cable companies received permission from federal regulators yesterday to acquire home shopping channel operator QVC Inc. for $1.42 billion.The Federal Trade Commission voted 4-0 to close an investigation into the acquisition by the nation's No. 1 cable company, Tele-Communications Inc., and Comcast Corp., which is No. 4.The FTC's investigation of the deal was prompted by concerns that it would violate antitrust laws. TCI controls QVC's closest competitor, Home Shopping Network Inc. FTC commissioners approved the deal over staff objections.

TCI sets date for QVC offerPotentially forcing a showdown with the Federal Trade Commission, Tele-Communications Inc. said yesterday that it would complete its tender offer for QVC Inc. by Feb. 6.The FTC has been investigating the proposed $1.4 billion buyout of QVC by Tele-Communications and the Comcast Corp. Its staff members have indicated that they oppose the deal on antitrust grounds, and they question whether Tele-Communications should even hold its existing 22 percent stake in QVC.Tele-Communications and Comcast already own 35 percent of QVC, the home shopping channel based in West Chester, Pa. The companies plan to buy the remaining 65 percent of QVC for $1.42 billion, or $46 a share.

It's hip to shop at home in 1994.Evidence is the test-marketing by MTV Networks of half- and full-hour shopping programs on MTV Music Television, VH-1 and Nick at Nite. The initial show didn't feature zirconium rings or collector plates, but trendy memorabilia, such as dog tags from Woodstock '94.Television shopping at home, in existence less than a decade, has ballooned into a $2.8 billion annual business with an audience that is mostly female.The newer field of computer on-line shopping is pulling in about $200 million from the sale of merchandise each year and is expected to grow by leaps and bounds.

NEW YORK -- QVC Inc. approved a $46-per-share takeover of fer yesterday from Tele-Communications Inc. and Comcast Corp. that values the home shopping channel at about $2.53 billion.After spending more than six hours yesterday analyzing and revising details of the deal, the QVC board accepted the all-cash offer for the 35 million shares not already held by Tele-Communications and Comcast. The companies had previously offered $44 a share. QVC has about 55 million shares outstanding.The takeover is expected to be completed within 30 days.

Scott Paper increases layoffsScott Paper Co. said yesterday that it was sharply expanding its restructuring and earmarking another 2,200 workers for layoffs, setting a target of 10,500 cuts this year -- fully one-third of its work force, including 70 percent of its corporate headquarters staff in Philadelphia.Analysts said newly appointed Chief Executive Officer Al Dunlap was making good on a promise to revamp the company by slashing staff, reducing capacity and selling off a glossy printing unit worth up to $2 billion.

In a deal aimed at putting the cable television magnate John Malone on its team, Comcast Corp. has made Liberty Media a partner in its takeover bid for QVC Inc., the cable television home shopping company.The two companies said yesterday that they would offer $44 a share in cash for QVC's outstanding shares.Comcast, on its own, had offered $44 a share last week. But that offer was seen as less attractive than the new one because it included $37 a share in cash and $7 in Comcast's preferred stock.

Los Angeles -- CBS is not for sale.That was the message repeated here yesterday from a testy Laurence Tisch, who said he would continue to run the network (( himself and make it the most profitable in broadcasting.For all his effort at trying to spike reports of a network in turmoil, however, the 71-year-old CBS president and chairman did not rule out the possibility of another merger, like the one that fell through last week between CBS and Barry Diller's QVC. And, worse for CBS employees and stockholders, Tisch gave no indication of having a plan to fix what ails the network.

QVC shares rise more than $1QVC Inc. shares rose more than a dollar in heavy trading yesterday to close at $45.25, well above Comcast Corp.'s $44-a-share takeover offer, on speculation that a better bid is coming."