Gulp. Does cable pioneer Dr. John Malone plan to do for beauty what he has done for media? A story in Women’s Wear Daily’s Web site on Wednesday had us asking the question.

A Liberty Media spokesman confirmed that Malone’s Liberty Interactive, which owns the QVC shopping network has taken a minority stake in Borba, a “cosmeceutical” company that makes drinkable and topical skin care products.

Is the good doctor finally living up to his title? Is a takeover of whoever makes cubic zirconium in the cards?

Well…maybe.

Liberty Media’s Jonathan Orr clarified for us why Malone, who spent a career building and selling cable and media empires, now has turned his attention to beauty. Orr drew parallels to Malone’s strategy at TeleCommunications Inc. (TCI), once the biggest U.S. cable operator:

“Borba is a cosmeceutical company that is carried on QVC. Much like TCI used to carry cable programmers on its cable systems and there would be great value creation in those programmers, QVC is carrying Borba on its systems and we believe that we will create value in Borba. Through a minority investment of an undisclosed amount, we believe we can participate in value creation in Borba that will result in them being carried on QVC. It’s not really about getting into the cosmeceutical business. Our stated goal has been to participate in some of the value creation through investments in some of the brands carried on QVC. This is really the first bite of that apple.”

In a side note, it also turns out Internet entrepreneur Brad Greenspan, the same guy who took on News Corp’s Rupert Murdoch to bid for Dow Jones, also holds a small stake in Borba. Murdoch, as you recall, agreed to buy back Malone’s big stake in News Corp in exchange for News Corp’s controlling stake in DirecTV. Small world.

(Photo: Borba.net)