QVC Network Inc. said it completed its acquisition of CVN Cos. for about $423 million. 

QVC agreed to pay $19 and one-eighth QVC share for each of CVN's 20 million fully diluted shares. 

The acquisition brings together the two largest competitors to Home Shopping Network Inc., which now reaches more viewers than any other company in the video shopping industry.
Among them, Home Shopping, QVC and CVN already control most of that young and fast-growing market, which last year had sales of about $1.4 billion.