Home Shopping Finds A Big Shopper
Home Shopping Network Chairman Roy Speer is selling a controlling stake in the video-shopping pioneer to Liberty Media for $60 million cash and 4 million shares of stock. The deal is valued at $150 million. Liberty was spun off in 1991 from Tele-Communications Inc. and owns cable systems and programming, including a minority stake in HSN's rival, QVC Network. John Malone, chairman of Liberty and president of TCI, gains HSN's state-of-the-art telephone answering and switching system in his efforts to exploit the possibilities of interactive TV.