NEW YORK — Shop at Home Inc., the fourth-largest but fastest-growing home shopping network, announced Friday that it has completed the absorption of assets of Global Broadcasting System Inc. — obtained in bankruptcy court late last year — and sold off to Paxson Communications Corp. the right to buy GBS’s former TV station in Knoxville, Tenn.
The addition of GBS assets, awarded for $75.9 million, adds Cleveland’s WOAC, Raleigh’s WRAY and San Francisco’s KCNS to the Shop at Home network. In exchange for giving up its rights to acquire Knoxville’s WPMC, the network received $900,000.
Shop at Home, which already owns WMFP in the Boston market and KZJL in Houston, is now affiliated with more than 100 TV and cable companies, thus ranking among the country’s top 20 broadcasters.
Its newest assets, as well as promised upgrades in Raleigh and San Francisco, are being funded by a recently completed $35 million offering of common stock and by a $75 million offering of secured debt.