USA Networks Interactive, Styleclick.com Merge
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USA Networks Interactive Tuesday merged its Internet Shopping Network with Styleclick.com Inc., acquiring a 75 percent stake in the upscale online shopping mall worth about $500 million.
The new company will operate the combined properties of Styleclick.com Inc. (IBUY) and ISN. This includes ISN's online auction FirstAuction.com and jewelry site FirstJewelry.com in addition to StyleClick's self-titled site, FashionTrip.com and DaisyFuentes.com.
The new company will operate as Styleclick Inc. and will represent one of the leading internet-based merchandising, sales and services companies by providing brand-name retail opportunities to clients. Distribution plans include major portals and destination sites in addition to the media and commerce assets of USAi.
Maurizio Vecchione, president and co-chief executive officer, Styleclick.com Inc., will assume the role of CEO in the new venture. Bill Lane, chief operating officer, ISN, will become president and vice chairman. Ed Zinser, chief financial officer, ISN, will become chief operating officer and Barry Hall, chief financial officer, Styleclick.com will become CEO.
"Paired with the third-party services of USA Electronic Commerce and Services and the media assets of USA, the new company's ability to deliver a great collection of products to market will undeniably position it as a favorite in the field."
Tuesday's deal was inked just a few weeks after the media giant bought customer service company Precision Response for about $650 million.