QVC (short for "Quality Value Convenience") is an American free-to-air television network, and flagship shopping channel specializing in televised home shopping, owned by Qurate Retail Group. Founded in 1986 by Joseph Segel in West Chester, Pennsylvania, United States, QVC broadcasts to more than 350 million households in seven countries, including channels in the UK, Germany, Japan, and Italy, along with a joint venture in China with China National Radio called CNR Mall.
QVC's founding and television launch
QVC was founded on June 13, 1986, by Joseph Segel. One of the first brands to sign a two-year deal with QVC for its products was Sears. The corporation later set a new record for first full-year fiscal sales for a new public company of $112 million. The channel was launched on November 24, 1986 with program hosts Kathy Levine, John Eastman, Bob Bowersox, and Cindy Briggs-Moore.Each November 24, QVC celebrated their birthday annually through 2008. Initially broadcasting live from 7:30 p.m. until midnight ET each weekday and 24 hours a day each weekend, the channel extended its live programming to 24/7/364 in January 1987. Former QUBE host and producer, Ron Giles, was named an executive vice president and executive producer at QVC in late 1987. In October 1988, the board of directors elected Michael C. Boyd to the position of senior executive vice president and chief operating officer. In early 1990, Boyd would take the title of president, reportedly to relieve some of Segel's load.
QVC seeks to buy out its competition
In 1989, QVC acquired its top competitor, the Cable Value Network (CVN), founded by Irwin L. Jacobs. The $380 million deal contributed to a loss of $17 million during the next fiscal quarter, and then led to difficulties in the couple of years that followed.
QVC first offered to buy out competitor J. C. Penney Television Shopping Channel on March 16, 1991, a bid rejected by its producers and the Los Angeles Superior Court. On May 21, 1991, QVC picked up a further 4 million cable subscribers when it took over the Burbank-produced JC Penney Shopping Channel, which owed $2 million to its producers.
A QVC offer to buy rival Home Shopping Network in March 1992 was sidetracked by legal problems. On July 12, 1993, QVC offered to acquire Home Shopping in a stock swap valued at about $1.1 billion, but talks faltered when QVC pursued a bid for Paramount in fall 1993. Liberty Media Corp. held a controlling interest in the St. Petersberg, Florida-based Home Shopping Network along with their share of QVC.
Becoming a worldwide multimedia company
Diller changed the name of QVC Network to QVC, Inc. in 1994, while creating a holding company to allow the firm to diversify and build assets and divisions separately. Among the changes were the creation of two new divisions, Q Direct, to produce infomercials and 60- and 120-second direct response TV commercials, and QVC Interactive, an online-shopping service. QVC launched their internet shopping site, iQVC, on September 15, 1996.
QVC's shopping channel based in Mexico, airing in non-primetime programming hours on Canal 4, launched November 1, 1993 in a partnership with local media company Televisa. The shopping channel, called CVC, which stood for “Quality, Value & Convenience” in Spanish, closed August 4, 1995 after a devaluation of the peso and drop in purchasing power during Mexico's recession.