Liberty Interactive Corporation and HSN Inc have entered into an agreement whereby Liberty Interactive will acquire the 62 per cent of HSNi it does not already own in an all-stock transaction.
“We are excited to announce the acquisition of HSNi. 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 ITT platforms, said Greg Maffei, Liberty Interactive President & CEO. “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.”
HSNi consists of HSN, a leading interactive multichannel retailer an Cornerstone, which comprises Ballard Designs, Frontgate, Garnet Hill, Grandin Road and Improvements. HSNi headquarters will remain in St. Petersburg and be overseen by Mike George.
“Joining the QVC Group will give us instant access to global consumer markets, a leadership team with deep expertise and a global perspective, and the opportunity to further strengthen our content-based brand portfolios in a changing retail landscape,” said Arthur C. Martinez, HSNi’s Chairman of the Board of Directors.
The acquisition is expected to be completed by the fourth quarter of 2017 subject to regulatory approvals.
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