COMPANY TOWN ANNEX

Times Staff and Wire Reports

Time Warner Receives $200 Million for QVC Shares: The company said it would use the proceeds from the sale of its 8% stake in the home shopping channel to pay down its debt. Cable giants Tele-Communications Inc. and Comcast Corp. are buying QVC in a deal valued at about $1.4 billion. Comcast Corp. will own 57.4% of QVC; TCI will own 42.6%.

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