SCHEDULE 13G/A: FPR Partners and Senior Managing Members Disclose 5.8% Passive Stake in QVC Group

FPR Partners LLC, along with its Senior Managing Members Andrew Raab and Bobby Peck, has filed an Amendment No. 3 to Schedule 13G, disclosing a combined passive beneficial ownership of 5.8% of QVC Group, Inc.'s Series A Common Stock as of March 31, 2025.

Summary

• FPR Partners LLC, an investment adviser, and its Senior Managing Members, Andrew Raab and Bobby Peck, collectively reported beneficial ownership of 5.8% of QVC Group, Inc.'s Series A Common Stock.
• As of March 31, 2025, FPR Partners LLC beneficially owned 22,861,535 shares, representing 5.8% of the class, with sole voting and dispositive power.
• Andrew Raab reported an aggregate beneficial ownership of 22,904,068 shares, also representing 5.8% of the class, which includes 42,533 shares with sole voting/dispositive power and 22,861,535 shares with shared voting/dispositive power.
• Bobby Peck reported an aggregate beneficial ownership of 22,861,535 shares, representing 5.8% of the class, with shared voting and dispositive power over these shares.
• The reported shares are primarily held directly by certain limited partnerships ("Funds") for which FPR Partners LLC acts as investment manager.
• The percentage of class is based on shares outstanding as of March 24, 2025, as reported by QVC Group, Inc. in its Definitive Proxy Statement Form DEF 14A filed on March 28, 2025.
• The reporting persons are filing jointly but explicitly state they are not acting as a "group" for the purposes of the Securities Exchange Act of 1934.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: The document is a factual, regulatory filing (Schedule 13G) reporting passive beneficial ownership. It contains no positive or negative operational or financial news, thus maintaining a neutral sentiment.

Positives

• Increased transparency regarding significant passive ownership in QVC Group, Inc.
• The filing indicates a long-term, passive investment strategy by FPR Partners, suggesting confidence in the issuer's ordinary course of business.

Risks

• The reporting persons disclaim beneficial ownership of the stock except to the extent of their pecuniary interest therein.
• The reporting persons are filing jointly but explicitly disclaim membership in a "group," which could be a point of regulatory scrutiny if their actions were perceived otherwise.

Future Outlook

NA

Management Comments

• Each of the Reporting Persons declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Sections 13(d) or 13(g) of the Securities and Exchange Act of 1934, the beneficial owner of any of the securities covered by this statement.
• The Reporting Persons are filing this statement jointly, but not as members of a group, and each expressly disclaims membership in a group.
• By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11.

Industry Context

This filing is a standard regulatory disclosure of passive beneficial ownership by an investment firm and its principals, common within the investment management industry for transparency regarding significant holdings in publicly traded companies. It does not provide specific industry trends or competitive analysis.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant passive institutional investor's stake, potentially signaling confidence in the company's long-term value.
• Regulatory Authorities: Fulfills SEC disclosure requirements for beneficial ownership, ensuring market transparency.

Key Dates

Keywords

QVC Group Inc., Series A Common Stock, FPR Partners LLC, Andrew Raab, Bobby Peck, Schedule 13G, Beneficial Ownership, SEC Filing, Investment Manager, Passive Investment, Institutional Ownership