QVC is a live social shopping company that, together with its subsidiaries, is primarily engaged in the video and online commerce industries. Through our subsidiaries and affiliates, we operate in North America, Europe and Asia. Our principal businesses include QVC, HSN, Inc. (“HSN”) and CBI, as well as other equity investments. Our operations are organized into three reportable segments: QxH (QVC U.S. and HSN), QVC International and CBI.