Colorado-Based QVC Buys Home Shopping Network

Facing increased challenges from online giant Amazon, Englewood, Colorado-based QVC group is buying the rest of rival Home Shopping Network. QVC, which already owns 38 percent of HSN, is buying the rest of the company in a stock deal worth about $2.6 billion.

Both companies have seen sales declining as Amazon has grown.

"The addition of HSN will enhance QVC's position as the leading global video eCommerce retailer, said Greg Maffei, the president and CEO of Liberty Interactive, which owns QVC.

"Every year they together produce over 55,000 hours of shoppable video content."

QVC President and CEO Mike George pointed to HSN as being the industry founder. (For more information on this and other local stories, subscribe to your local Patch for breaking news alerts.)

"HSNi founded the industry forty years ago and helped it grow with exciting initiatives like Shop By Remote and media integrations with leading content producers," he said. "By creating the leader in discovery-based shopping, we will enhance the customer experience, accelerate innovation, leverage our resources and talents to further strengthen our brands, and redeploy savings for innovation and growth."

In addition to HSN, QVC acquires HSN-owned brands such as Garnet Hill and Ballard Designs.

The deal is expected to be closed by the end of September.