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HSN Launches Auction Site on the Web

June 18, 1997|(Reuters)

HSN Inc.'s Internet Shopping Network on Tuesday launched an online auction site on the Web, competing with sites like Onsale Inc. for the dollars of high-tech consumers. The new site, scheduled to begin auctioning its first items Thursday, is further evidence of HSN Chairman Barry Diller's commitment to electronic commerce, executives said. Internet Shopping Network Chief Executive Officer Kirk Loevner said the live First Auction site (http://www.firstauction.com) should rake in $30 million to $35 million in its first year of operation. "Our focus is computers, consumer electronics and general merchandise," said Loevner. Sales will include unique collectible goods as well as sponsored promotions such as a "Great Maui Escape" sweepstakes currently in effect. First Auction's partners include AT&T Corp.'s AT&T Worldnet Internet access service, Time Warner Inc.'s Pathfinder Web site, the GeoCities Web site and Gannett Cos. Inc.'s newspaper USA Today. The Internet Shopping Network currently boasts more than 120,000 members. Shares of HSN, the corporate parent of Home Shopping Network Inc., closed off 81.25 cents at $31.4375 in Nasdaq trading.

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