Liberty Media Corp. - owner of TV and online marketplace QVC, Encore, Starz, IAC/Interactive Corp., Expedia and News Corporation - is moving further into e-commerce with the acquisition of Provide Commerce Inc., reports InternetRetailer. Pending regulatory approval, Liberty will pay $477 million in cash in a deal expected to close in 2Q06.
Provide Commerce specializes in the online sale of perishable goods and operates websites under the brands Proflowers.com, CherryMoonFarms.com, UptownPrime.com and SecretSpoon.com.
Provide Commerce will remain a separate subsidiary within Liberty. As of September 30, Provide Commerce had a cash balance of $60 million.
