Shopping Network Shares Shoot Up 12%

Shares in Home Shopping Network Inc. jumped 12 percent Friday after a newspaper reported that media maven Barry Diller has made a deal to take control of the company.

USA Today reported it had learned that Diller, who already is a director of HSN, will become chairman in a pending deal with Tele-Communications Inc., the nation’s largest cable TV operator.

HSN spokeswoman Louise Cleary said the company had nothing to say about the report. “It’s speculation,” she said, adding that HSN’s board was not meeting.

Nonetheless, HSN shares closed up $1 to $9.50 on the New York Stock Exchange.

Calls for comment to the offices of Diller and TCI weren’t returned.