HSN confirms Diller appointment

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Home Shopping Network Monday confirmed the appointment of Barry Diller as its new chairman and granted him and his management team options to purchase about 15 million shares of the company's stock at $8.50 per share. Mr. Diller last August was appointed chairman-CEO of Silver King, a TV station group owning 12 independent stations. At that time, Mr. Diller joined the HSN board and HSN's then-chief executive, Gerald Hogan, resigned. The chief executive position was never filled. Mr. Diller today is expected to announce his acquisition of Savoy Pictures Entertainment, which owns VHF TV stations in several U.S. cities. Insiders say Mr. Diller plans to use the Savoy and Silver King TV stations as a base to build a new entertainment and media empire.

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