New York -- HSN Inc. completed its $4 billion-plus
purchase of USA Networks and other Universal television assets from Seagram Co. Ltd. last
week. Seagram gets $1.2 billion in cash and 45 percent of HSN stock. Shareholders in HSN,
parent of Home Shopping Network, voted to approve the deal last Wednesday.
As part of the deal, HSN has changed its name to USA
Networks Inc. As of Tuesday (Feb. 17), the company will trade on NASDAQ under the symbol,
'USAI.'
Also, HSN Broadcasting will be renamed USA Broadcasting;
the Silver King Station
Group will be renamed USA Station Group; and
Universal's television group will be
renamed USA Networks Studios.
USA Networks' board of directors will include Seagram
CEO Edgar Bronfman Jr., Seagram vice chairman Robert W. Matschullat, Universal Studios CEO
Frank J. Biondi Jr. and Claridge Inc. president Samuel Minzberg. HSN chairman Barry Diller
has been named to Seagram's board.
