Home Shopping Network and Univision Communications Inc. Create Spanish Shopping Network.LOS ANGELES--(BUSINESS WIRE)--Nov. 10, 1997--Home Shopping Network, a division of HSN HSN Home Shopping Network HSN High Speed Network HSN Hereditary Sensory Neuropathy HSN Highly Saturated Nitrile HSN Healthy Schools Network, Inc. HSN Hopping Sequence Number HSN Historical Sample of the Netherlands HSN Haiti Support Network inc. (Nasdaq:HSNI HSNI Hypertonic Saline Nasal Irrigation ), and Univision Communications Inc. (NYSE NYSE See: New York Stock Exchange :UVN UVN Ustredni Vojenska Nemocnice (Prague) ) Monday announced the formation of a venture between Home Shopping Network “HSN” redirects here. For other uses, see HSN (disambiguation). The Home Shopping Network (HSN) is a mostly 24-hour shopping network that is seen on cable, satellite, and some terrestrial channels in the United States. and Univision to create and operate the Spanish Shopping Network, a live Spanish-language television-shopping service intended for distribution in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Latin America and Spain. Home Shopping Network is expected to own 50.1 percent of the venture, and Univision will own 49.9 percent. The Spanish Shopping Network is expected to begin broadcasting during the first quarter of 1998 in the United States, where the Hispanic population of 29 million represents one of the fastest- growing retail opportunities. Home Shopping Network will manage the operation, while Univision will be responsible for securing U.S. distribution. The network is also expected to be distributed in Latin America and Spain, enabling it to cover a total population that already exceeds half a billion and is growing rapidly. ``In offering television shopping in Spanish, I can't imagine a better market for long-term development both in the United States and for the 540 million Spanish-speaking peoples of the world,'' said Barry Diller, chairman and chief executive officer of HSN. ``As no small aside, it is a great pleasure for me to have a business association with Jerry Perenchio, an entrepreneurial idol of mine, and to have a business combination with Univision, the clear leader in Spanish-language programming.'' ``Barry Diller is a dear friend and a true visionary in communications and entertainment, and I have always wanted to be associated with him,'' said Perenchio, chairman and chief executive officer of Univision Communications. ``I believe we have found the perfect vehicle in a venture that plays to the strengths of both our companies.'' ``This venture is a natural extension of the core competencies we've developed at Home Shopping Network,'' said James G. Held, vice chairman of HSN and president and chief executive officer of Home Shopping Network, ``and a step, along with others we plan, to further brand our name in the field of electronic commerce.'' Said Henry Cisneros, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Univision Communications: ``Univision's partnership with Home Shopping Network confirms our confidence in the continuing growth and increasing consumer role of Hispanics in the U.S. The Hispanic market already has a purchasing power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. of $350 billion. ``Hispanics are now serious participants in the U.S. economy, with consumer preferences and tastes that this new venture seeks to address.'' Home Shopping Network, a subsidiary of HSN, pioneered the television-shopping industry in 1977. Its 24-hour programming reaches 70 million households via cable and broadcast station affiliates. Home Shopping is America's largest seller of colored gemstones and designer collectible dolls. The Home Shopping Network also operates America's Store, which reaches more than 10 million households; owns the Internet Shopping Network (ISN Noun 1. ISN - Switzerland's information network for security and defense studies and for peace and conflict research and for international relations International Relations and Security Network ), one of the largest retailers on the Internet; and holds interests in shopping channels in Germany and Japan. Univision is the largest and most-watched Spanish-language television broadcast network in the United States. As the leading Spanish-language broadcaster, Univision reaches 93 percent of all U.S. Hispanics, with an 82 percent audience share of overall Spanish-language viewership. The company owns 13 full-power and eight low-power television stations, with full-power O&Os located in 13 of the top 15 Hispanic markets. Univision also owns Galavision, the most-watched Spanish- language cable network in the United States. In 1998, Univision will telecast all 64 games of the World Cup from France. CONTACT: Univision Communications Inc., Los Angeles Anne H. Corley, 310/556-7680 or Home Shopping Network, St. Petersburg, Fla. Gerry Hoeppner, 813/572-8585, ext. 5318 or HSN inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Jennifer Goebel, 212/247-5823 (corporate communications) Roger Clark, 212/247-0226 (investor relations Investor relations The process by which the corporation communicates with its investors. ) |
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