Shopping channel TVSN closing down after 30 years

Harry Booth

3 hours ago

Shopping channel TVSN, formerly known as The Value Channel, is closing down after more than 30 years, after failing to find new ownership.

Owned by Direct Group, TVSN said it has “had the privilege of being welcomed into homes across Australia and New Zealand” since its founding in 1995. “Over that time, we have shared thousands of hours of live television, discovered products together and built a wonderful community of customers,” the channel added.

Customers are being urged to shop through TVSN’s broadcast and e-commerce site prior to closing down. If a buyer is found, the company will abandon the closure process.

Direct Group has also put its magazine Reader’s Digest on sale. The Australian reports that it is seeking an asking price of $30 million.

“Meeting and speaking with so many of you has been one of the great joys of TVSN, and your support has meant an enormous amount to everyone here,” the company’s statement added.

“We know this is significant news, and we want to thank you for being part of TVSN and for the support you have shown us over the years. Tune in, shop early and make the most of the closing down sale.”

Based in Sydney, with more than 250 staff, Direct Group has a portfolio of around 15 brands. The group restructured in 2018 to divide its portfolio into ‘Innovations’, ‘Digital Publishing’ and TVSN.