QVC Parent to Buy Rival Home Shopping Network in $2.1B Deal
The parent company of televised shopping network QVC has struck a $2.1 billion deal to purchase all of its rival, Home Shopping Network (HSN).
QVC’s parent Liberty Interactive currently owns 38.2 percent of HSN.
On July 6 the Englewood, Colo.-based company said it will pay $2.1 billion, or about $32.30 per share, for the 61.8 percent of HSN it does not already own.
“The addition of HSN will enhance QVC’s position as the leading global video eCommerce retailer. Every year they together produce over 55,000 hours of shoppable video content and have strong positions on multiple linear channels and OTT (over-the- top) platforms,” said Greg Maffei, Liberty Interactive president and CEO.
The previously announced transaction between Liberty Interactive and General Communication Inc. and subsequent split-off of Liberty Ventures is expected to close later in 2017. Simultaneous with that closing, QVC Group, including wholly-owned subsidiaries QVC and apparel retailer zulily, will be renamed QVC Group Inc.
Both HSN and QVC sell a wide range of categories, including gourmet housewares, gift and specialty food.