The corporate owner of QVC and Home Shopping is buying longtime rival Home Shopping Network.
The companies announced on Thursday that they will merge as Liberty Interactive acquires the 61.8 percent of HSN that it does not already own. The all-stock deal is worth $2.1 billion.
“We are excited to announce the acquisition of HSNi,” said Liberty Interactive president and CEO Greg Maffei. “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 platforms.”
Both QVC and Home Shopping Network have been battling the move of consumers toward online purchases. The companies will now own five U.S. networks and oversee furnishing brands including Ballard Designs and QVC’s online clothing site Zulily.
Maffei added that the “value of the combined QVC, HSNi and zulily will be further highlighted when later this year QVC Group becomes an asset-backed stock as part of the previously announced split-off of Liberty Ventures.”
Last year, QVC had $8.7 billion in sales, while HSN’s revenues were $3.5 billion.