NEW YORK (Standard&Poor's) July 11, 2003--Liberty Media Corp. (BBB-/Stable/--)has announced its plan to issue about 218 million shares, or about $2.55 billion based on the agreed valuation, and a three-year note to Comcast Corp. for the remainder of the QVC transaction, which will have no effect on Liberty's 'BBB-' corporate credit rating. Announced July 3, Liberty's acquisition of Comcast's 57% stake is valued at $7.9 billion, implying a total valuation of $13.9 billion. Liberty had cash and marketable securities of about $4 billion as of March 31, 2003. Liberty remains in the bidding for key entertainment assets of Vivendi Universal SA, together with four other parties. Little light has been shed on how the auction process has evolved
