In its second-largest acquisition, Amazon buys the company for $970 million.
Craftopia.com is a leading online destination for crafting supplies and project ideas with over 60,000 unique products and projects. The site offers comprehensive instruction on how to perform hundreds of craft projects, then makes the corresponding items available for purchase. "While other online companies were focused on developing big branding campaigns that did nothing to sustain their business model, Craftopia.com focused on what we at HSN know is most important--really great products that aren't easily available elsewhere," said Mark Bozek, president and CEO of HSN.
Under the agreement, HSN will leverage Craftopia's exclusive content through its worldwide reach of 143 million homes and across the company's multiple retail platforms including TV, online and direct marketing efforts. Also, HSN will have the opportunity to advertise in major arts & crafts publications currently affiliated with Craftopia.com and build additional programming and products from the editorial content of those books and magazines.