QVC’s corporate owner is shopping for longtime rival Home Buying Network for one hundred and five million easy payments of $19.ninety nine. The two tv buying networks have been seeing their gross sales steadily decline lately with the rise of on-line shopping. QVC boss Mike George will run each brands, including the three QVC channels and the two HSN channels and their online and cell purchasing services.
QVC’s owner, Liberty Interactive, plans to acquire the 62 % of HSN it does not already personal, hoping to strengthen its legacy TELEVISION channels. Below stress from the growth of online retailing, TV shopping big QVC intends to amass its rival HSN Inc.
In a bold bid to turn out to be more related, West Chester-based mostly TELEVISION-shopping network QVC will merge with the St. Petersburg, Fla.-based mostly House Purchasing Community to raised compete in opposition to the likes of Amazon and Walmart as extra shoppers use smartphones and different gadgets to seek out the most effective offers on-line.
Both QVC, which is especially depending on girls’s clothing, and HSN, which sells more electronics and operates the Cornerstone group of retail manufacturers, have recently faced weak gross sales and job cuts as the three QVC video networks and HSN’s two channels have confronted stiff competitors, particularly from Amazon, with extra customers moving online.
Each QVC and Dwelling Buying Network had been coping with sluggish sales as Amazon dominates on-line purchasing, though both had lengthy moved beyond the cable channels they had been well-known for and had been refashioning themselves for consumers more used to purchasing on their mobile phones.