NEW YORK (AP) – QVC’s parent company will buy the rest of Home Shopping Network for about $2.6 billion in a stock deal, combining two of the most well-known home-shopping hubs.
The buyout comes amid aggressive growth by Amazon.com Inc. as consumer shopping habits continue shifting to internet-based retail.
Liberty Interactive Corp., which owns QVC, will issue 53.4 million shares of QVC Series A common stock to HSN shareholders. It said Thursday that’s the equivalent of paying $40.36 per share for HSN Inc. of St. Petersburg, Florida, marking a 29 percent premium to the stock.
Liberty, based in Englewood, Colorado, already owns 38 percent of HSN. The deal is expected to close in the fourth quarter.
Shares of HSN surged $10.30, or 33 percent, to $41.60 in morning trading.
(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)