Home shopping company QVC is increasing its share in the home shopping industry by acquiring HSN for $2.1 billion.
Liberty Interactive, QVC’s parent company, which already owned 38 percent has purchased the remaining 62 percent of HSN it did not previously own, TechCrunch reports.
“Integrating the companies will make them stronger than they are individually and stronger yet as a standalone entity in a changing and difficult market,” Greg Maffei, Liberty’s president and CEO said in a CNBC report.
In 2015, QVC also acquired online discount retailer Zulilly to drive larger online sales and bring a younger demographic to both brands.
QVC offers customers a unique way to shop for products through their TV broadcasts, but to try and stay a relevant leader in the online retail space, the company has worked to drive online and mobile sales while increasing its activity on soical media.
“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,” Mike George, QVC’s president and CEO said in a statement.