STYLECLICK MERGER OK’D
Byline: Kristin Young
LOS ANGELES — Shareholders of Styleclick.com Inc. on Wednesday OK’d the $500 million merger agreement the company struck with USA Networks Inc.’s Internet Shopping Network, which will result in the formation of a digital commerce company called Styleclick Inc.
The joint venture is expected to produce annual sales of about $30 million, projected Maurizio Vecchione, president of Styleclick.
The merger — for assets and cash — is expected to be finalized this week after it has been approved by officials at the Securities and Exchange Commission. Upon consummation of the deal, Barry Diller’s USA Networks will hold a 75 percent interest in Styleclick Inc., while shareholders of Styleclick.com, will control the remaining 25 percent.