Filing pursuant to Rule 425 under the

Securities Act of 1933, as amended

Deemed filed under Rule 14a-12 under the

Securities Exchange Act of 1934, as amended

Filer: HSN, Inc.

Subject Company: HSN, Inc.

Commission File No.: 001-34061

Liberty Interactive Corporation Enters into Agreement to Acquire HSN, Inc.

July 6, 2017

Forward-Looking Statements

This presentation includes certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “may,” “will,” “could,” “anticipate,” “estimate,” “expect,” “predict,” “project,” “future,” “potential,” “intend,” “plan,” “assume,” “believe,” “forecast,” “look,” “build,” “focus,” “create,” “work” “continue” or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. These forward-looking statements include, but are not limited to, statements about the proposed acquisition (the “proposed acquisition”) of HSN, Inc. (“HSNi”) by Liberty Interactive Corporation (“Liberty Interactive”), the timing of the proposed acquisition and Liberty Interactive’s proposed transaction involving General Communication, Inc. (“GCI” and the “proposed GCI transaction”), the capitalization of the QVC Group following the proposed acquisition, the continuation of Liberty Interactive’s stock repurchase program, the realization of estimated synergies and benefits from the proposed acquisition and the proposed GCI transaction, business strategies, market potential, future financial prospects, new service and product offerings, the renaming of Liberty Interactive and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the expected timing and likelihood of completion of the proposed acquisition and the proposed GCI transaction, including the timing and satisfaction of conditions to these transactions that could reduce anticipated benefits or cause the parties to abandon the respective transaction, the ability to successfully integrate the businesses, risks related to disruption of management time from ongoing business operations due to the proposed acquisition, the risk that any announcements relating to the proposed acquisition could have adverse effects on the market price of the common stock of HSNi or Liberty Interactive, the risk that the proposed acquisition and its announcement could have an adverse effect on the ability of HSNi and Liberty Interactive to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally, market conditions conducive to stock repurchases, the risk of the amount of any future dividend HSNi may pay, and other factors. These forward-looking statements speak only as of the date of this communication, and Liberty Interactive, QVC, Inc. (“QVC”) and HSNi expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Interactive’s, QVC’s or HSNi’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Interactive, QVC and HSNi, including the most recent Forms 10-K and 10-Q for additional information about Liberty Interactive, QVC and HSNi and about the risks and uncertainties related to the business of each of Liberty Interactive, QVC and HSNi which may affect the statements made in this presentation. During today’s presentation we will discuss certain non-GAAP financial measures including adjusted OIBDA of the QVC

Group and adjusted EBITDA of HSNi. Please refer to the Appendix at the end of this presentation for definitions and applicable GAAP reconciliations.

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Additional Disclaimers

No Offer or Solicitation

This presentation relates to a proposed business combination between HSNi and Liberty Interactive. This announcement is for informational purposes only and nothing contained in this presentation shall constitute an offer to buy or a solicitation of an offer to sell any securities or the solicitation of any vote in any jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information

Liberty Interactive stockholders, HSNi stockholders and other investors are urged to read the registration statement and the proxy statement/prospectus to be filed regarding the proposed acquisition and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information about the proposed acquisition. Any definitive proxy statement(s) (if and when available) will be mailed to stockholders of HSNi.

Copies of these SEC filings are available free of charge at the SEC’s website (http://www.sec.gov). Copies of the filings together with the materials incorporated by reference therein are also available, without charge, by directing a request to Liberty Interactive Corporation, 12300 Liberty Boulevard, Englewood, Colorado 80112, Attention: Investor Relations, Telephone: (720) 875-5420. Copies of documents filed with the SEC by HSNi will be made available free of charge on HSNi’s website at http://www.hsni.com or by contacting HSNi’s Investor Relations Department at HSN, Inc., 1 HSN Drive, St. Petersburg, Florida 33729, Attention Investor Relations, Telephone: (727) 872-1000, email: ir@hsn.net.

In addition, nothing in this presentation shall constitute a solicitation to buy or an offer to sell shares of GCI Liberty, GCI common stock or any of Liberty Interactive’s tracking stocks. The offer and issuance of shares in the proposed GCI transaction will only be made pursuant to GCI’s effective registration statement. Liberty Interactive stockholders, GCI shareholders and other investors are urged to read the registration statement and the joint proxy statement/prospectus to be filed regarding the proposed GCI transaction and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information about the proposed GCI transaction. Copies of these SEC filings will be available free of charge at the SEC’s website (http://www.sec.gov). Copies of the filings together with the materials incorporated by reference therein will also be available, without charge, by directing a request to Liberty Interactive Corporation, 12300 Liberty Boulevard, Englewood, Colorado 80112, Attention: Investor Relations, Telephone: (720) 875-5420. GCI investors can access additional information at ir.gci.com.

Participants in a Solicitation

The directors and executive officers of HSNi and other persons may be deemed to be participants in the solicitation of proxies from the holders of HSNi common stock in respect of the proposed acquisition. Information regarding the directors and executive officers of HSNi is available in its definitive proxy statement for HSNi’s 2017 Annual Meeting of Stockholders, which was filed with the SEC on April 10, 2017 and in the other documents filed after the date thereof by HSNi with the SEC. Investors may obtain additional information regarding the interests of such participants by reading the proxy statement/prospectus regarding the proposed transaction when it becomes available. Free copies of these documents may be obtained as described in the preceding paragraph.

In addition, the directors and executive officers of Liberty Interactive and GCI and other persons may be deemed to be participants in the solicitation of proxies in respect of proposals to approve the proposed GCI transaction. Information regarding the directors and executive officers of Liberty Interactive is available in its definitive proxy statement, which was filed with the SEC on April 20, 2017, and certain of its Current Reports on Form 8-K. Information regarding the directors and executive officers of GCI is available as part of its Form 10-K filed with the SEC on March 2, 2017. For other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be available in the proxy materials regarding the foregoing to be filed with the SEC. Free copies of these documents may be obtained as described above.

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Today’s Speakers

4

QVC Group to add HSNi, Enhancing our Position in Digital, Discovery Based Retail

Liberty Ventures assets and liabilities by year-end⁽¹⁾

Significant Advantages for Customers, Brand Partners, Team Members, Shareholders

Combined company will be one of largest digital retailers in the world

360m+ homes reached⁽⁵⁾ via 17 broadcast networks⁽⁵⁾

145+ hours of live content per day⁽⁵⁾

Liberty Interactive to Become Asset-Backed Stock Named QVC Group, Inc.

Today’s QVC Group

Tracking stock

38% 100% 100%

Reattribution at Closing of

GCI Liberty Transaction

Assets (~$750m)

Liabilities: (~$750m)

Exchangeables⁽²⁾

Pro-Forma

QVC Group, Inc.

Asset backed stock

100% 100% 100%

ongoing, free cash flow from tax savings estimated at $130m⁽⁴⁾ annually and growing

Note: All data as of announcement of transaction with GCI on April 4, 2017.

Liberty Interactive’s 1.75% Charter Exchangeable debentures may be reattributed to QVC Group with offsetting amount of cash and indemnification from GCI Liberty for payment obligations through put date on 10/2023.

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Mike George

President and CEO

QVC, Inc.

The Combined Benefits of QVC Group

The New QVC Group

We create the world’s most engaging shopping experiences, by combining the best of retail, media and social – offering a curated collection of brands to

An interactive multi-channel retailer and leader in transactional innovation with strong direct-to-consumer expertise;

$14b revenue / $2.3b Adj. OIBDA⁽¹⁾

23m active global customers⁽²⁾

186m customer contacts⁽³⁾, 2b visits to websites, and 320m+ packages shipped annually

17 multi-platform networks that reach over 360m households with 5 multiplatform networks in US

22,000 brand portfolio⁽⁴⁾

27k team members in 8 countries

8.3m Facebook followers

240+ social media pages

Estimated run-rate cost synergies $75 - $110 million⁽⁵⁾

HSNi Brings Rich Legacy of Innovation to QVC Group

Fashion and Concierge Collection

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Meaningful Upside Bringing Two Companies Together

Driving Growth, Innovation, and Value

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Complementary US Video Commerce Businesses

5m customers⁽¹⁾

90% sales from repeat / reactivated customers

Average existing customer purchases 13 items / per yr

83% homeowners

$72k median household income

Loves to shop

8m customers⁽¹⁾

92% sales from repeat / reactivated customers

Average existing customer purchases 25 items / per yr

88% homeowners

3.3x average household wealth

Loves to shop

6 million QVC US customers do not shop at HSN today

Note: All data as of FY 2016 unless otherwise noted. QVC data for QVC US only. QVC and HSN customer profile methodology and groupings may differ and not be directly comparable.

(1)       As of Q1-17.

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Expanding Diversity of Brand and Product Offering

Beauty &

Health

Home 23%

29%

Beauty

17%

Produce More Live Programming than Any Other Major Network

Shoppable Across Innovative Platforms

HSN Main:

HSN2:

• 48m homes

8.3k hrs of live content /year⁽²⁾

47% eCommerce penetration

• 54% mobile share of eCommerce

New Platforms:

QVC Main:

QVC2:

BeautyiQ:

(Facebook Live simulcast)

11.8k hrs of live content/year⁽³⁾

54% eCommerce penetration

• 61% mobile share of eCommerce

New Platforms:

Customer Service Excellence with Global Operations Network

• Headquarters

Contact Centers

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Combining the Industry’s Best Talent Leading to Highly Engaged Global Audience

Rod Little

Office of the CEO and CFO

HSN, Inc.

HSNi Overview

Diversity of Brands, Products, Channels of Distribution

360° Direct to Consumer Reach

$3.5 billion in sales

$2 billion in digital sales

54% penetration

43% of digital sales from mobile

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Q&A

Appendix

Transaction Summary Terms

Interactive LLC

21

QVC Group Pro-Forma Ownership

QVC Group Ownership

Valuation Summary

Deconstructing the Purchase Price

23

QVC Group Pro-Forma Debt Build

$7.6b

$ in millions

QVC Inc.

Leverage Ratio

2.7x⁽¹⁾

HSNi Revolving

Credit Facility

Corporate Level

Debentures

$792

QVC Credit

Facility

$1,699

$3,730

Pro-Forma

QVC Group

Leverage Ratio

3.0x⁽⁴⁾

Pro-Forma

QVC Group, Inc.

Leverage

3.4x⁽⁴⁾

QVC Group HSN

Note: See footnotes on following slide. Reattribution refers to transaction described on slide 7.

QVC Group Pro-Forma Capitalization

Pro-Forma QVC Group

Capitalization

Note: Reattribution refers to transaction described on slide 7.

Post-Reattribution

Pro-Forma QVC Group Capitalization

(3)       Total capacity of $2.65b, includes $400m tranche where zulily is co-borrower and co-guarantor.

(4) Total capacity of $750m. ₂₅

(5)       Based on QVC Group attributed cash and HSNi cash as of 3/31 2017, less approximately $50m in estimated deal fees.

(6)       Total capacity of $2.65b, includes $400m tranche where zulily is co-borrower and co-guarantor. Assumes $329m of reattributed cash used to pay down QVC’s credit facility.

Non-GAAP Financial Measures

This presentation includes the use of adjusted OIBDA, which is a non-GAAP financial measure for QVC Group, together with a reconciliation to that entity’s operating income, as determined under GAAP. Liberty Interactive defines adjusted OIBDA as revenue less cost of sales, operating expenses, and selling, general and administrative expenses, excluding all stock based compensation, and excludes from that definition depreciation and amortization that are included in the measurement of operating income pursuant to GAAP.

Liberty Interactive believes adjusted OIBDA is an important indicator of the operational strength and performance of its businesses, including each business' ability to service debt and fund capital expenditures. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because adjusted OIBDA is used as a measure of operating performance, Liberty Interactive views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Liberty Interactive's management considers in assessing the results of operations and performance of its assets. Please see the attached schedule for applicable reconciliation.

This presentation also includes Adjusted EBITDA for HSNi, which is a supplemental measure to GAAP. This measure is amongst the primary metrics by which HSNi evaluates the performance of its businesses, on which internal budgets are based and by which management is compensated. HSNi believes that investors should have access to, and HSNi is obligated to provide, the same set of tools that they use in analyzing results. This non-GAAP measure should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. HSNi endeavors to compensate for the limitations of the non-GAAP measures presented by providing the comparable GAAP measures with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measures. HSNi encourages investors to examine the reconciling adjustments between the GAAP and non-GAAP measures contained in this presentation.

Adjusted EBITDA is defined as operating income excluding, if applicable: (1) non-cash charges including: (a) stock-based compensation expense, (b) amortization of intangibles, (c) depreciation and gains and losses on asset dispositions, and (d) goodwill, long-lived asset and intangible asset impairments; (2) pro forma adjustments for significant acquisitions; and (3) other significant items. Significant items, while periodically affecting results, may vary significantly from period to period and have a disproportionate effect in a given period, thereby affecting the comparability of results. Adjusted EBITDA is not a measure determined in accordance with GAAP, and should not be considered a substitute for operating income, net income or any other measure determined in accordance with GAAP. Adjusted EBITDA is used as a measurement of operating efficiency and overall financial performance and HSNi believes it to be a helpful measure for those evaluating companies in the retail and media industries. Adjusted EBITDA should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Adjusted EBITDA has certain limitations in that it does not take into account the impact to HSNi's statement of operations of certain expenses, gains and losses that are excluded from the company's definition of Adjusted EBITDA.

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Reconciling Schedules

Pro-Forma Adjusted OIBDA Reconciliation

27

Note: Some figures do not sum due to rounding.