QVC is shelling out two-point-one billion dollars to acquire its rival home shopping network HSN. And this is no rumor - QVC's parent company, Liberty Interactive Corporation of Englewood, Colorado confirmed the plan yesterday.
The move isn’t exactly a shock as watchers point out that Liberty already had a 38% stake in the St. Petersburg, Florida-based Home Shopping Network. News of the acquisition sent HSN shares soaring this morning.
HSN has six-thousand employees, with 25-hundred workers in St. Petersburg – what’s happening with them remains to be seen.
Source: Forbes