Global Sports Inc. (Nasdaq: GSPT) tacked on 13/32 to close at 8 29/32 Wednesday after Comcast Corp. (Nasdaq: CMCSK) said it will invest $40.8 million in the Web-based sporting goods company.
Comcast and its QVC unit will buy 5 million Global Sports shares for $8.15 apiece, giving them a 19 percent stake in the company, as well as warrants for an additional 4.5 million shares. If the warrants are exercised, Comcast and QVC will have a 26 percent stake, representing an $82.1 million investment in Global Sports.
Global Sports will develop and operate an online store for iQVC, the e-commerce division of QVC. The new store will be up and running in time for the holiday season, and will carry merchandise from about 1,000 sporting goods brands.
The companies expect to close the deal in October.