GoldenTree group reports 18.8% stake in QVC Group

GoldenTree-managed funds disclose a 18.8% beneficial stake in QVC Group, Inc., including recent open-market purchases of additional shares.

Rhea-AI Filing Summary

QVC Group, Inc. (QVCG) is reported to have 18.8% of its common stock beneficially owned by a group led by GoldenTree Asset Management, according to this amended Schedule 13D. The group reports beneficial ownership of 9,391,951 shares of common stock as of September 3, 2026.

GoldenTree Master Fund, Ltd. is the record owner of 3,005,021 shares, or 6.0% of the common stock. Between August 14, 2026 and September 3, 2026, funds managed by GoldenTree purchased 830,189 shares in open-market transactions for $13,531,817.49 using working capital.

Filing Explained

The filing attributes shared voting and dispositive power across the GoldenTree group, updating holder ownership mechanics rather than the company’s share count.

This Amendment No. 1 updates a Schedule 13D ownership report, which is used for ownership above 5% when the holder may seek to influence control. Its current effect is to update the public record of the reporting group's beneficial ownership, rather than disclose an issuer financing or other company transaction.

The reporting persons disclose shared voting and shared dispositive power over 9,391,951 shares, representing 18.8% of the common stock. GoldenTree Master Fund is identified as the record owner of 3,005,021 shares, or 6.0%; the larger figure is attributed across the funds, investment manager, general partner and managing member.

The 18.8% figure is based on 49,999,897 shares outstanding as of August 6, 2026. Thus, the filing clarifies the ownership attribution and denominator supporting the reported stake; it does not report newly issued shares.

Key Figures

Beneficially owned shares: 9,391,951 shares Beneficial ownership percentage: 18.8% Shares outstanding: 49,999,897 shares +4 more

7 metrics

Beneficially owned shares 9,391,951 shares Common stock of QVC Group, Inc. reported as beneficially owned by the reporting persons

Beneficial ownership percentage 18.8% Portion of QVC Group, Inc. common stock beneficially owned, based on shares outstanding as of August 6, 2026

Shares outstanding 49,999,897 shares QVC Group, Inc. common stock outstanding as of August 6, 2026, used to calculate ownership percentages

GoldenTree Master Fund, Ltd. holdings 3,005,021 shares QVC Group, Inc. common stock held of record, representing 6.0% of the class

GoldenTree Master Fund, Ltd. ownership percentage 6.0% Percentage of QVC Group, Inc. common stock held of record by GoldenTree Master Fund, Ltd.

Additional shares purchased 830,189 shares Aggregate open-market purchases by funds managed by GoldenTree from August 14 to September 3, 2026

Aggregate purchase consideration $13,531,817.49 Total amount paid using working capital for 830,189 shares of QVC Group, Inc. common stock

Key Terms

beneficial ownership, working capital, open market, separately managed account, +1 more

5 terms

beneficial ownership financial

"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.

working capital financial

"purchased an aggregate of 830,189 shares ... 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.

open market financial

"purchased an aggregate of 830,189 shares of Common Stock on the open market"

An open market is a system where buying and selling of goods, services, or financial assets happen freely without restrictions or special controls. For investors, it means they can trade assets easily and quickly, which helps determine fair prices based on supply and demand. This environment encourages transparency and competition, making it easier to buy or sell with confidence.

separately managed account financial

"and a separately managed account by the Investment Manager (the "Funds")"

A separately managed account (SMA) is a personalized investment portfolio owned by a single investor and run by a professional manager who buys and sells securities on that investor’s behalf. It matters to investors because an SMA offers tailored asset selection, tax handling, and transparency—like hiring a personal chef who prepares meals to your dietary needs rather than sharing a set menu—so you can align holdings with your goals and see exactly what you own.

Schedule 13D regulatory

"previously filed a statement on Schedule 13D to report the acquisition"

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.

FAQ

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

What percentage of QVCG common stock do the GoldenTree reporting persons beneficially own?

The reporting persons beneficially own 18.8% of QVC Group, Inc.’s common stock, representing 9,391,951 shares, based on 49,999,897 shares outstanding as of August 6, 2026.

How many QVCG shares are held by GoldenTree Master Fund, Ltd.?

GoldenTree Master Fund, Ltd. is the record owner of 3,005,021 shares of QVC Group, Inc. common stock, representing 6.0% of the outstanding common stock.

What new QVCG share purchases did GoldenTree funds report in this 13D/A?

From August 14, 2026 to September 3, 2026, funds managed by GoldenTree purchased an aggregate of 830,189 QVC Group, Inc. shares on the open market for total consideration of $13,531,817.49 using working capital.

Who are the reporting persons in this QVCG Schedule 13D/A filing?

The reporting persons are GoldenTree Asset Management LP, GoldenTree Asset Management LLC, Steven A. Tananbaum, and GoldenTree Master Fund, Ltd., which together report beneficial ownership of QVC Group, Inc. common stock.

On what share count is the reported QVCG ownership percentage based?

The 18.8% beneficial ownership figure is based on 49,999,897 shares of QVC Group, Inc. common stock outstanding as of August 6, 2026, as stated in the filing.

How do the GoldenTree entities share voting and dispositive power over QVCG shares?

The reporting persons disclose 9,391,951 shares with shared voting power and shared dispositive power, and 0 shares with sole voting or sole dispositive power, reflecting their coordinated beneficial ownership structure.

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

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Available on EDGAR 09/08/2026 - 07:01 PM Accepted by SEC EDGAR 09/08/2026 - 07:00 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. 1)

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)

09/03/2026

(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 9,391,951.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 9,391,951.00

11

Aggregate amount beneficially owned by each reporting person

9,391,951.00

12

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

13

Percent of class represented by amount in Row (11)

18.8 %

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 9,391,951.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 9,391,951.00

11

Aggregate amount beneficially owned by each reporting person

9,391,951.00

12

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

13

Percent of class represented by amount in Row (11)

18.8 %

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 9,391,951.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 9,391,951.00

11

Aggregate amount beneficially owned by each reporting person

9,391,951.00

12

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

13

Percent of class represented by amount in Row (11)

18.8 %

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 3,005,021.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,005,021.00

11

Aggregate amount beneficially owned by each reporting person

3,005,021.00

12

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

13

Percent of class represented by amount in Row (11)

6.0 %

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. 1 to Schedule 13D ("Amendment No. 1") 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 2.	Identity and Background
(a)	The Schedule 13D is being filed by the following persons (each a "Reporting Person" and, collectively, the "Reporting Persons"): GoldenTree Asset Management LP (the "Investment Manager") GoldenTree Asset Management LLC (the "IMGP") Steven A. Tananbaum GoldenTree Master Fund, Ltd.
(b)	The address of the principal business office of each of the Reporting Persons is c/o GoldenTree Asset Management LP, 300 Park Avenue, 21st Floor, New York, NY 10022.
(c)	The principal occupation of Mr. Tananbaum is to serve as the managing member of IMGP. The remaining Reporting Persons are principally engaged in the business of investment management or making, purchasing, selling and holding investments.
(d)	During the last five years, none of the Reporting Persons have been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the last five years, none of the Reporting Persons have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Mr. Tananbaum is a citizen of the United States. GoldenTree Master Fund, Ltd. is organized under the laws of the Cayman Islands. The remaining Reporting Persons are organized under the laws of the State of Delaware.
Item 3.	Source and Amount of Funds or Other Consideration
	From August 14, 2026 to September 3, 2026, the Funds (as defined below) purchased an aggregate of 830,189 shares of Common Stock on the open market for aggregate consideration of $13,531,817.49 using working capital.
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 3, 2026. GoldenTree Master Fund, Ltd. is the record owner of 3,005,021 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)	From August 14, 2026 to September 3, 2026, the Funds purchased an aggregate of 830,189 shares of Common Stock on the open market. Details by date, listing the number of shares of Common Stock purchased and the price per share, are provided in Exhibit 5. Except as set forth in this Schedule 13D, since the Schedule 13D filed on August 14, 2026, the Reporting Persons have not effected any transactions in the Common Stock.
(d)	None.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 4: Joint Filing Agreement. Exhibit 5: Trade Schedule.

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:	09/08/2026

GoldenTree Asset Management LLC

Signature:	/s/ Steven A. Tananbaum
Name/Title:	Steven A. Tananbaum, Managing Member
Date:	09/08/2026

Steven A. Tananbaum

Signature:	/s/ Steven A. Tananbaum
Name/Title:	Steven A. Tananbaum
Date:	09/08/2026

GoldenTree Master Fund, Ltd.

Signature:	/s/ Peter Alderman
Name/Title:	Peter Alderman, General Counsel
Date:	09/08/2026