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PROSPECTUS SUPPLEMENT Filed pursuant to Rule 424(b)(3)
To Prospectus Dated November 19, 1996, Registration No. 333-10511
as supplemented
$100,000,000
HOME SHOPPING NETWORK, INC.
5-7/8% Convertible Subordinated Debentures due March 1, 2006
and
Shares of Common Stock, Par Value $.01 Per Share,
Issuable Upon Conversion Thereof
This Prospectus Supplement (the "Supplement") relates to the resale by
Gabelli Asset Management Company ("GAM"), KA Trading ("KA Trading"), KA
Management ("KA Management"), SoundShore Partners L. P. ("SoundShore"), Allen &
Company, Inc. ("Allen") and Forum Capital Markets ("Forum") of up to $284,000,
$1,110,000, $1,890,000, $800,000, $2,000,000 and $14,000 aggregate principal
amount, respectively, of 5-7/8% Convertible Subordinated Debentures due March 1,
2006 (the "Debentures") of Home Shopping Network, Inc., a Delaware corporation
(the "Company"), originally issued in a private placement consummated during
March 1996, pursuant to the Company's Registration Statement on Form S-3 (No.
333-10511) (the "Registration Statement"). This Supplement should be read in
conjunction with the Prospectus dated November 19, 1996, as supplemented (the
"Prospectus"), to be delivered with this Supplement. All capitalized terms used
but not defined in this Supplement shall have the meanings given them in the
Prospectus.
Based on information provided to the Company, the aggregate principal
amount of the Debentures that are currently beneficially owned by GAM, KA
Trading, KA Management, SoundShore, Allen and Forum are $284,000, $1,110,000,
$1,890,000, $800,000, $2,000,000 and $14,000, respectively, which may be sold at
this time pursuant to the Prospectus as supplemented hereby. Additional
information concerning the Selling Securityholders (including GAM, KA Trading,
KA Management, SoundShore, Allen and Forum) may be set forth from time to time
in additional supplements to the Prospectus. The total outstanding aggregate
principal amount of the Debentures is $100,000,000.
The closing price of the Common Stock of USA Networks, Inc., formerly
HSN, Inc., into which the Debentures are now convertible, as reported on The
Nasdaq National Market on February 20, 1998, was $49.375 per share. On January
23, 1998, the Company announced that all of the Debentures would be redeemed as
of March 1, 1998.
The Debentures will be subordinated to all existing and future Senior
Debt of the Company. At December 31, 1997, Senior Debt of the Company was
approximately $434,521,400. The Indenture contains no limitations on the
incurrence of additional indebtedness or other liabilities by the Company.
The Debentures are neither listed on a national securities exchange nor
quoted on an automated quotation system. However, the Debentures are eligible
for trading in the Private Offerings, Resales and Trading through Automated
Linkages ("PORTAL") Market. Debentures sold pursuant to the Registration
Statement will no longer be eligible for trading in the PORTAL Market.
The date of this Prospectus Supplement is February 24, 1998.
