Kirkland-based retailer Celebrate Express Inc., which specializes in online sales of party supplies and costumes, has agreed to a preliminary deal to join Liberty Media Corp. of Englewood, Colo., for $31 million, the Associated Press reported last week.

Liberty, which focuses on electronic retailing media, communications and entertainment, will purchase Celebrate for roughly $3.60 per share. Celebrate’s share prices jumped $1.52 to close at $3.82 — a two-month high — last Friday after the announcement.

Celebrate stock holders must still approve the deal, which is expected to close in the third quarter, the AP reported.

Founded in 1994 by local couple Mike and Jan Jewell as Birthday Express, the company has offices in Kirkland (11232 120th Ave. N.E. #204) and Greensboro, N.C.