QVC Buys Home Purchasing Network For Low, Low Price Of $2.1B
QVC buying longtime rival House Shopping Community in $2.1 billion deal. In a counter-libel suit, GTE claimed that HSN had slandered the company; GTE gained a $one hundred million judgment. Maffei stated it was time to do the deal as a result of Liberty’s share price has these days strengthened relative to HSN’s. A lot of the America’s Store hosts (some of which have been already splitting internet hosting duties between networks) were absorbed into the HSN programming schedule.
Collectively, the companies produce greater than fifty five,000 hours of gross sales video annually. Combined, they expect sales to total $14 billion a year. The transaction is ready to be finalized by the end of the yr, pending regulatory and shareholder approval.
The mixed company will make the third-largest U.S. on-line and cellular retailer, and will be large enough to be listed as one of many S&P 500 shares, in response …