SAN ANTONIO, Texas (Reuters) — QVC Network Inc. chairman and chief executive Barry Diller said the company planned to redesign its fashion channel, with details expected this summer.

“We’re in the final stages of putting together an announcement,” Diller said of the redesign in comments to the annual meeting Monday. “We think we’ll be ready by July 15. August 1 at the latest.

“It’s not going to be called ‘Lifestyle,’ ” Diller said of the remade channel , which went on the air in 1991.

Diller declined comment after the annual meeting on a published report that QVC was among companies said to be considering creating a fifth television network.

QVC’s stock rose sharply, up 3, to $ 66.75, on speculation that Diller might be heading in that direction.

The Wall Street Journal said in its Monday editions that other companies said to be considering a fifth network were Paramount Communications Inc. and Chris-Craft Industries Inc.

“I have nothing to say about that only because I think it’s wrong for the company to talk about speculation,” Diller said. “When we have something to say in this or in other areas about a specific plan we will say (it).”

QVC chief financial officer William Costello told reporters it was not yet determined how big a role fashion would play in the redesigned channel.

“A lot of the same people are watching the fashion channel that are watching QVC (the company’s main home shopping channel), so we need to come up with a whole new look for that channel,” Costello said. “We want wider distribution.”

Costello declined to comment on the earnings outlook for West Chester, Pa.-based QVC. He said QVC was virtually debt-free and that fiscal 1994 ending Jan. 31 would be the first year that the company posted interest income rather than interest expenses.

Analysts have estimated that QVC’s fiscal 1994 earnings per share will rise to about $ 1.60 from 1993’s $ 1.32, excluding special charges.