Liberty Interactive (QVCA,QVCB), owner of the QVC shopping channel, has announced that it will buy shopping website Zulily (ZU).
The QVC owner is planning to pay $2.4 billion for Zulily in a deal that is expected to close in the fourth quarter of 2015. Liberty Interactive will pay $18.75 per share for all of Zulily outstanding shares, reports USA Today.
Liberty Interactive is hoping that the deal will bring Zulily’s younger audience to QVC while it brings QVC customers to the online shopping website at the same time. Zulily will continue to operate out of Seattle, Wash., and will keep its current managers, USA Today notes.
QVC has a target audience with ages that range from 35 to 55 years old. Zulily users range between 24 to 45 in age. Also, the online shoppers are mostly made up of mothers, reports Wall Street Journal.
