It appears that QVC looked in its closet one day, couldn’t find anything to wear, and just decided to go buy something new. But instead of just picking out an outfit, it scooped up rival Home Shopping Network for a cool $2.1 billion.
QVC’s parent company Liberty Interactive already owns 28% of HSNi, and will now be scooping up the other 62% to create one big home shopping company. QVC also has e-commerce brand zulily (yes, that lowercase “Z” is intentional) under its corporate umbrella.
“Every year they together produce over 55,000 hours of shoppable video content and have strong positions on multiple linear channels and OTT platforms,” said Greg Maffei, Liberty Interactive CEO, in a statement from both companies.
QVC President and CEO Mike Georges says that the merger will “enhance the customer experience, accelerate innovation, leverage our resources and talents to further strengthen our brands, and redeploy savings for innovation and growth.”
Together, the two are preparing to take on what executives admit is a “changing retail landscape.”
The deal is expected to become final in the last quarter of 2017, after the Federal Communications Commission completes its regulatory review.
by Mary Beth Quirk via Consumerist