Times are tough for brick-and-mortar retailers, and also for TV retailers too. Home Shopping Network, the seller of fun things like jewelry and oddly shaped cookware, saw sales drop 3.5% last year, for instance. To help offset the changing times, HSN is merging with its lifelong rival, QVC. The deal is worth $2.1 billion, reports the New York Times, all in stock.
The two channels will remain separate, but will be run by the same corporate overlord: QVC Group. Following news of the merger, HSN shares soared this morning. Congratulations to all parties involved, especially QVC’s “queen” Lori Greiner.