We construct a three-parameter deformation of the Hopf algebra $LDIAG$. This is the algebra that appears in an expansion in terms of Feynman-like diagrams of the {em product formula} in a simplified version of Quantum Field Theory. This new algebra is a true Hopf deformation which reduces to $LDIAG$ for some parameter values and to the algebra of Matrix Quasi-Symmetric Functions ($MQS$) for others, and thus relates $LDIAG$ to other Hopf algebras of contemporary physics. Moreover, there is an onto linear mapping preserving products from our algebra to the algebra of Euler-Zagier sums.