• by Wayne Friedman , March 3, 2008

As its QVC shopping channel and Starz Entertainment division suffered weak financial quarterly results, Liberty Media took stock. It is aggressively looking at making e-commerce acquisitions.

Liberty Interactive Group, which is the Liberty Media division that houses QVC, dropped 5% to $396 million in operating income. At Liberty Capital Group, which is Liberty Media's division of Starz Entertainment, operating income sank 53% to $30 million.

QVC has suffered business slowdown overseas--especially in two big territories, Germany and Japan. On the plus side, QVC's fourth-quarter revenue rose 4% to $2.33 billion; at Starz Entertainment revenue rose 3% to $265 million.

Liberty wants to acquire Internet commerce businesses that will work with its QVC channel. Liberty Chief Executive Greg Maffei says the company will be casting somewhat of a wide net--looking at businesses anywhere from $50 million to $5 billion.

Maffei would not discuss an impending trial later this month over its dispute with IAC/InterActiveCorp. Liberty has a sizeable interest in the e-commerce and cable network company.

IAC chief executive Barry Diller plans to spin off four of IAC's largest businesses, which would dilute Liberty's current voting control over the units. As a major stockholder, Liberty is against Diller's plan.

A settlement between Liberty and IAC might give Liberty full control over one of the proposed IAC spinoffs--home shopping channel HSN, which could be merged with Liberty's QVC.