Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, November 25, 1995 TAG: 9511270039
SECTION: BUSINESS PAGE: A8 EDITION: METRO
SOURCE: ASSOCIATED PRESS
DATELINE: NEW YORK LENGTH: Medium
USA Today reported it had learned that Diller, who already is a director of HSN, will become chairman in a pending deal with Tele-Communications Inc., the nation's largest cable TV operator.
HSN spokeswoman Louise Cleary said the company had nothing to say about the report. ``It's speculation,'' she said, adding that HSN's board was not meeting.
Home Shopping Network operates a warehouse and order-filling center in Salem employing 450 people. Officials there also declined to comment on the speculation
The company recently reported a net loss of $36.2 million, equal to 41 cents a share, on sales of $730.2 million for the nine months ended Sept. 30. For the comparable period, the company reported net profit of $14.9 million, or 17 cents per share, on sales of $824.8 million.
Despite the lack of confirmation of a pending takeover, HSN shares on Friday closed up $1 to $9.50 on the New York Stock Exchange.
Calls for comment to the offices of Diller and TCI weren't returned.
Diller, who used to lead HSN's chief rival, QVC Inc., had been positioned to take control of HSN back in August. That deal fell through, however, and Diller instead became a director of the company and lead investor in Silver King Communications, which owns on-air stations that re-transmit the cable broadcast of HSN.
Both Silver King and HSN are based in St. Petersburg, Fla.
TCI's Liberty Media subsidiary owns 80 percent of HSN. USA Today said the deal with Diller, which hasn't been made final, likely would involve swapping that stake for an interest in Silver King.
Diller once led the Paramount movie studio and helped build the Fox television network.
Staff writer Mag Poff contributed to this story.
by CNB