QVC Merging with HSN

Liberty Interactive Corp. (Englewood, Colo.), the parent company of QVC, has plans to buy out the Home Shopping Network (St. Petersburg, Fla.) for about $2.6 billion in a stock deal. The company already owns 38 percent of HSN.

The merger is an attempt to bolster business and allow the companies to respond to competition from online sales, including Amazon (Seattle), reports Herald-Tribune. Recently, HSN has worked to build its e-commerce platform and now generates half of its revenue from online sales.

“As the prominent global video commerce retailer and North America’s third-largest mobile and e-commerce retailer, the combined company will be well-positioned to help shape the next generation of retailing,” said Mike George, QVC’s president and ceo.

The deal is expected to close in the fourth quarter.