QVC parent buying Home Shopping Network in stock deal

FILE - This July 16, 2013, file photo, shows a Wall Street street sign outside the New York Stock Exchange. Global stock markets posted solid gains Monday, Dec. 21, 2015, at the start of a trading week that's likely to see trading levels depressed by Christmas. Spanish stocks fell sharply after an election saw the ruling party lose its overall majority amid a groundswell of support for two upstart parties. (AP Photo/Mark Lennihan, File)

NEW YORK (AP) — QVC’s parent company will buy the rest of Home Shopping Network for about $2.6 billion in a stock deal, combining two of the most well-known home-shopping hubs.

The buyout comes amid aggressive growth by Amazon.com Inc. as consumer shopping habits continue shifting to internet-based retail.

Liberty Interactive Corp., which owns QVC, will issue 53.4 million shares of QVC Series A common stock to HSN shareholders. It said Thursday that’s the equivalent of paying $40.36 per share for HSN Inc. of St. Petersburg, Florida, marking a 29 percent premium to the stock.

Liberty, based in Englewood, Colorado, already owns 38 percent of HSN. The deal is expected to close in the fourth quarter.

Shares of HSN surged $10.30, or 33 percent, to $41.60 in morning trading.