Comcast Divesting Its 17 Percent Stake in TheKnot

TheKnot announced its Q2 earnings today (detailed earnings report here), and in the earnings call, while explaining its big secondary offering raise, disclosed that Comcast is divesting its stake in the company. Comcast holds about 17 percent of the company (around 4 million shares), through its historical ownership of QVC (QVC invested $15 million in The Knot in 1999), worth about $20.33 million now, according to MSN Money.
Explained CEO David Liu in the conference call: “Their ownership stake in The Knot is a financial, rather than a strategic asset for Comcast. A few months ago, Comcast had contacted us, expressing its interest in selling its position and it was decided then that rather than have a 4 million share overhang in the market, it would be more beneficial for Comcast, the company and our stockholders to include the shares as part of the follow on financing [Ed: that was a total of 7.95 million shares in follow-on offering]. We look forward to continuing our operational relationship with Comcast in our video on demand and broadband content distribution efforts. We believe the additional flow to be created by the sale of shares by Comcast may be beneficial to our stockholders.”

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