In a move aimed at making it more competitive with Amazon, Englewood-based Liberty Interactive Corporation has completed its acquisition of HSN Inc., adding the Home Shopping Network to its portfolio of online and mail-order retail companies.
Liberty finalized on Friday a more than $2 billion stock deal to acquire the remaining 62 percent of HSN, according to a news release from the company. The stock deal was announced in July.
HSNi stock will no longer be traded on NASDAQ.
HSNi headquarters will remain in St. Petersburg, Fla., and HSN and the Cornerstone portfolio will continue to operate as separate brands, the news release said. Cornerstone owns several retail brands, including Ballard Designs, Frontgate, Garnet Hill, Grandin Road and Improvements.
“We welcome the HSNi team to our company, creating the leader in discovery-based shopping. The combination of QVC, HSNi and zulily will enhance the customer experience, accelerate innovation, strengthen our brands and allow us to leverage our resources and talents,” said Mike George, QVC President and CEO, said in the news release. “We thank the HSNi and QVC teams that have worked tirelessly on the integration, and we look forward to continuing to implement these plans in 2018.”
Liberty Interactive now owsn QVC and Home Shopping Network, two of the most well-known home-shopping hubs. The company is positioning itself to compete with online retail giant Amazon. The acquisition creates the third-largest e-commerce company in the U.S., behind only Amazon and Wal-Mart Stores Inc.
“We’re excited HSNi is joining the QVC family. The combination will enhance QVC’s position as the leading global video eCommerce retailer and provide meaningful synergies,” said Greg Maffei, Liberty Interactive President and CEO said in the new release. “We also look forward to the first quarter of 2018 when QVC Group is expected to become an asset-backed stock which should further highlight value.”
