The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — QVC owner Liberty Interactive Corp has said it would buy the remaining 62 percent of HSN Inc it does not already own in a deal that values the TV shopping network at $2.1 billion.
The deal allows US cable TV mogul John Malone to fully merge HSN with the QVC network.
The all-stock offer is worth $40.36 per HSN share, a premium of 29 percent to the stock's Wednesday close. HSN's shares jumped 33.9 percent to $41.90 in early trading on Thursday. Liberty Interactive's shares were up 4.1 percent at $25.45.
The deal, which gives HSN an enterprise value of $2.6 billion, will help Liberty develop its e-commerce and mobile shopping platforms and improve its programming content across its networks, the company said.
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The HSN group consists of HSN, its home shopping business, and Cornerstone, which includes home and apparel lifestyle brands including Ballard Designs, Frontgate and Garnet Hill.
HSN shareholders will receive 1.65 shares of Series A QVC Group stock for every share held, Liberty Interactive said.
HSN will be overseen by QVC Chief Executive Mike George and will remain headquartered in St. Petersburg, Florida.
Allen & Co is the financial adviser to Liberty Interactive, while Baker Botts LLP is the legal adviser.
Centerview Partners and Goldman Sachs Group are the financial advisers for HSN. Davis Polk & Wardwell LLP is the legal adviser.
By Narottam Medhora; editors: Sriraj Kalluvila and Saumyadeb Chakrabarty.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.