FOR IMMEDIATE RELEASE
COMCAST AND LIBERTY MEDIA
EXTEND QVC TENDER OFFER
UNTIL FEBRUARY 6
Philadelphia, PA and Englewood, CO -- January 13, 1995: Comcast Corporation ("Comcast") and Tele-
Communications, Inc. ("TCI") announced today that all of the conditions to the tender offer for stock of QVC,
Inc. were not satisfied by 5:00 P.M., New York City time, on January 13, 1995, the time at which the tender
offer was scheduled to expire. As a result, QVC Programming Holdings, Inc., an acquisition vehicle to be jointly
owned by Comcast and Liberty Media Corporation, a wholly-owned subsidiary of TCI, has extended the
expiration date for the tender offer until 5:00 P.M., New York City time, on Monday, February 6, 1995.
As a consequence of the extension of the expiration date, holders of QVC shares are entitled to tender or
withdraw their shares pursuant to the tender offer until 5:00 P.M., New York City time, on February 6, 1995,
unless the offer is further extended.
In connection with Comcast's and TCI's efforts to obtain sufficient financing to satisfy the financing condition to
the tender offer, on January 13, 1995, Comcast and a group of lenders executed a commitment letter pursuant to
which such lenders have agreed, subject to the terms and conditions set forth therein, to provide financing in an
amount that will be sufficient, among other things, for the purchase of the outstanding shares pursuant to the
tender offer and the consummation of the related merger. Such financing is subject to, among other things, the
negotiation and execution of mutually satisfactory definitive documentation. In addition, the tender offer continues
to be conditioned upon Comcast's and TCI's obtaining such financing.
Although all applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act relating to the
proposed acquisition of QVC, Inc. by Comcast and TCI have expired, as previously announced, Comcast and
TCI have agreed to provide ten days' notice to the Federal Trade Commission (the "F