GoldenTree lifts QVC Group stake to 22%

GoldenTree-managed funds disclose a 22% beneficial stake in QVCG after a $26 million stock purchase from Silver Point Capital.

Rhea-AI Filing Summary

QVC Group, Inc. (QVCG) received an updated Schedule 13D/A from GoldenTree-affiliated entities after they increased their position in the company. On September 8, 2026, funds managed by GoldenTree purchased 1,600,000 shares of QVC Group common stock from Silver Point Capital, L.P. at $16.25 per share, for aggregate consideration of $26,000,000, using working capital under a Stock Purchase Agreement.

Following this transaction, GoldenTree Asset Management, GoldenTree Asset Management LLC, and Steven A. Tananbaum report beneficial ownership of 10,991,951 shares of QVC Group common stock, representing 22.0% of the class, based on 49,999,897 shares outstanding as of August 6, 2026. GoldenTree Master Fund, Ltd. is the record owner of 3,345,244 shares, or 6.7% of the class. The filing states that, other than the reported purchase, there have been no additional transactions in the shares since Amendment No. 1 and describes no additional voting or transfer arrangements beyond the Stock Purchase Agreement.

Key Figures

Shares recently purchased: 1,600,000 shares Purchase price per share: $16.25 per share Aggregate purchase consideration: $26,000,000 +5 more

8 metrics

Shares recently purchased 1,600,000 shares Common stock acquired by GoldenTree-managed funds on September 8, 2026

Purchase price per share $16.25 per share Price paid under the Stock Purchase Agreement with Silver Point Capital

Aggregate purchase consideration $26,000,000 Total paid for 1,600,000 QVC Group, Inc. shares on September 8, 2026

Total beneficial ownership 10,991,951 shares Shares beneficially owned by GoldenTree Asset Management, GoldenTree Asset Management LLC, and Steven A. Tananbaum

Percent of class owned 22.0% Portion of QVC Group, Inc. common stock reported as beneficially owned

Shares outstanding baseline 49,999,897 shares QVC Group, Inc. common stock outstanding as of August 6, 2026

GoldenTree Master Fund, Ltd. holdings 3,345,244 shares Record ownership of QVC Group, Inc. common stock, representing 6.7% of the class

GoldenTree Master Fund, Ltd. ownership percentage 6.7% Percent of QVC Group, Inc. common stock held by GoldenTree Master Fund, Ltd.

Key Terms

Schedule 13D, beneficial ownership, Stock Purchase Agreement, working capital, +1 more

5 terms

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficial ownership regulatory

"may be deemed to share beneficial ownership of the securities held"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Stock Purchase Agreement financial

"purchased an aggregate of 1,600,000 shares of Common Stock pursuant to a Stock Purchase Agreement"

A stock purchase agreement is a legal contract that sets the terms for buying or selling shares, specifying the price, number of shares, how payment is made, and any conditions or promises each side must meet. It matters to investors because it defines who owns what, when ownership changes, and what protections or obligations attach to the deal—think of it as a detailed receipt plus the house rules that determine the financial risks and benefits of the transaction.

working capital financial

"for aggregate consideration of $26,000,000 using working capital"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

general partner financial

"IMGP is the general partner of the Investment Manager"

A general partner is the person or firm that runs an investment partnership and legally represents it — they make the day-to-day decisions, choose which assets to buy or sell, and are responsible for the partnership’s obligations. Investors care because the general partner’s judgment, risk-taking and fee and profit-sharing arrangements determine both the potential returns and the level of exposure to losses; think of the GP as the ship’s captain whose skill and honesty shape the voyage’s outcome.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What ownership stake in QVCG do GoldenTree-affiliated entities report in this Schedule 13D/A?

GoldenTree Asset Management, GoldenTree Asset Management LLC, and Steven A. Tananbaum report beneficial ownership of 10,991,951 shares of QVC Group, Inc. common stock, representing 22.0% of the outstanding class based on 49,999,897 shares outstanding as of August 6, 2026.

How many QVCG shares did GoldenTree-managed funds recently acquire and at what price?

On September 8, 2026, funds managed by GoldenTree acquired 1,600,000 shares of QVC Group, Inc. common stock at a price of $16.25 per share, for aggregate consideration of $26,000,000, under a Stock Purchase Agreement with Silver Point Capital, L.P.

What portion of QVCG shares is held by GoldenTree Master Fund, Ltd.?

GoldenTree Master Fund, Ltd. is the record owner of 3,345,244 shares of QVC Group, Inc. common stock, representing 6.7% of the class, as part of the overall position managed by GoldenTree-affiliated entities reported in this Schedule 13D/A.

On what share count is the reported 22.0% QVCG ownership based?

The reported 22.0% beneficial ownership of QVC Group, Inc. common stock by GoldenTree-affiliated entities is based on 49,999,897 shares of common stock outstanding as of August 6, 2026, as stated in the filing.

Did the GoldenTree reporting persons disclose any other recent QVCG share transactions?

No. The filing states that, except for the September 8, 2026 purchase of 1,600,000 shares, the reporting persons have not effected any other transactions in QVC Group, Inc. common stock since Amendment No. 1 to their Schedule 13D.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/10/2026 - 06:30 PM Accepted by SEC EDGAR 09/10/2026 - 06:30 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

QVC GROUP, INC.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

747292100

(CUSIP Number)

George Travers
c/o GoldenTree Asset Management LP, 300 Park Avenue, 21st Floor
New York, NY, 10022
(212) 847-3500

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/08/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 747292100

1

Name of reporting person

GoldenTree Asset Management LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 10,991,951.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 10,991,951.00

11

Aggregate amount beneficially owned by each reporting person

10,991,951.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

22.0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 747292100

1

Name of reporting person

GoldenTree Asset Management LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 10,991,951.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 10,991,951.00

11

Aggregate amount beneficially owned by each reporting person

10,991,951.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

22.0 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Limited Liability Company

SCHEDULE 13D

CUSIP Number(s): 747292100

1

Name of reporting person

Steven A. Tananbaum

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 10,991,951.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 10,991,951.00

11

Aggregate amount beneficially owned by each reporting person

10,991,951.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

22.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 747292100

1

Name of reporting person

GoldenTree Master Fund, Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,345,244.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,345,244.00

11

Aggregate amount beneficially owned by each reporting person

3,345,244.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.7 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.01 per share
(b)	Name of Issuer: QVC GROUP, INC.
(c)	Address of Issuer's Principal Executive Offices: 1200 Wilson Drive, West Chester, PENNSYLVANIA , 19380.
Item 1 Comment: This Amendment No. 2 to Schedule 13D ("Amendment No. 2") amends and supplements the Schedule 13D originally filed with the United States Securities and Exchange Commission on August 14, 2026 (as amended to date, the "Schedule 13D"), relating to the common stock, par value $0.01 per share (the "Common Stock"), of QVC Group, Inc., a Delaware corporation (the "Issuer"). Capitalized terms used herein without definition shall have the meanings set forth in the Schedule 13D.
Item 3.	Source and Amount of Funds or Other Consideration
	On September 8, 2026, the Funds (as defined below) purchased an aggregate of 1,600,000 shares of Common Stock pursuant to a Stock Purchase Agreement (as defined below) for aggregate consideration of $26,000,000 using working capital.
Item 4.	Purpose of Transaction
	Stock Purchase Agreement On September 8, 2026, the Investment Manager, on behalf of the Funds, entered into a stock purchase agreement (the "Stock Purchase Agreement") with Silver Point Capital, L.P., pursuant to which the Funds agreed to purchase 1,600,000 shares of Common Stock for a purchase price of $16.25 per share (the "Purchase"). The Purchase closed on September 8, 2026. The foregoing description of the Stock Purchase Agreement does not purport to be complete and is qualified in its entirety by the full text of such agreement, which is attached as an exhibit to this Schedule 13D and incorporated herein by reference
Item 5.	Interest in Securities of the Issuer
(a)	The information contained on the cover pages to this Schedule 13D is incorporated herein by reference. The securities reported herein consist of shares of Common Stock held directly by certain funds and separate accounts managed by the Investment Manager as of September 8, 2026. GoldenTree Master Fund, Ltd. is the record owner of 3,345,244 shares of Common Stock. The ownership percentage set forth herein is based on 49,999,897 shares of Common Stock outstanding as of August 6, 2026. The Investment Manager is the investment manager or advisor to certain funds, including GoldenTree Master Fund, Ltd., and a separately managed account by the Investment Manager (the "Funds"). IMGP is the general partner of the Investment Manager. Steven A. Tananbaum is the managing member of IMGP. As a result of these relationships, each of the Investment Manager, IMGP and Mr. Tananbaum may be deemed to share beneficial ownership of the securities held of record by the Funds.
(b)	The information contained on the cover pages to this Schedule 13D is incorporated herein by reference.
(c)	Except as set forth in this Schedule 13D, since Amendment No. 1, the Reporting Persons have not effected any transactions in the Common Stock.
(d)	None.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 4 above summarizes certain provisions of the Stock Purchase Agreement and is incorporated herein by reference. A copy of such agreement is attached as an exhibit hereto and incorporated herein by reference. Except as set forth herein, none of the Reporting Persons has any contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect to any securities of the Issuer, including, but not limited to, any contracts, arrangements, understandings or relationships concerning the transfer or voting of such securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or losses, or the giving or withholding of proxies.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 7: Stock Purchase Agreement.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

GoldenTree Asset Management LP

Signature:	By: GoldenTree Asset Management LLC, its General Partner, /s/ Steven A. Tananbaum
Name/Title:	Steven A. Tananbaum, Managing Member
Date:	09/10/2026

GoldenTree Asset Management LLC

Signature:	/s/ Steven A. Tananbaum
Name/Title:	Steven A. Tananbaum, Managing Member
Date:	09/10/2026

Steven A. Tananbaum

Signature:	/s/ Steven A. Tananbaum
Name/Title:	Steven A. Tananbaum
Date:	09/10/2026

GoldenTree Master Fund, Ltd.

Signature:	/s/ Peter Alderman
Name/Title:	Peter Alderman, General Counsel
Date:	09/10/2026