QVC and HSNi form new digital powerhouse
QVC parent company Liberty Interactive Corp. has completed its acquisition of HSNi to become what it calls the leader in discovery based shopping.
Liberty Interactive already owned about one third of HSNi and began the New Year by announcing it had purchased the remaining 62% of HSNi shares in an all-stock transaction. As a result, shares of HSNi common stock no longer trade on Nasdaq.
“We’re excited HSNi is joining the QVC family. The combination will enhance QVC’s position as the leading global video e-commerce retailer and provide meaningful synergies,” said Greg Maffei, Liberty Interactive President and CEO. “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.”
“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.
HSNi will remain based in St. Petersburg, FL, and HSN and the Cornerstone portfolio will continue to operate as separate brands. Effective as of close, Mike Fitzharris, formerly Representative Director and Chairman, QVC Japan, has been named President of HSN and Claire Spofford, formerly President, Garnet Hill, has been named President of Cornerstone. Both report to Mike George.
In addition, the Liberty Interactive Board has been expanded to include Fiona Dias, previously a director of HSNi.