ValueVision reviewing strategic alternatives for commerce cable channel.
By Robert Marich -- Broadcasting & Cable, 9/11/2008 6:17:00 AM MT
The parent of ShopNBC put the commerce cable channel up for sale Thursday with an announcement that its board is reviewing strategic alternatives to boost shareholder value.
Minneapolis-based ValueVision made the announcement.
A special committee of directors is in charge of the process and hired Piper Jaffray as its financial advisor.
NBC Universal and other General Electric affiliates own 37% of ValueVision. According to ValueVision’s 2007 annual report, it “has an exclusive license agreement with NBC Universal for the worldwide use of an NBC-branded name and the peacock image through May 2011.” Any buyer would assume that licensing deal.
The exploration of strategic alternatives comes as ValueVision's stock price dropped from $8 per share one year ago to under $2.50 Thursday, along with executive-suite turnover at the company.
Fox Business Network begins broadcasting from its new high-tech Studio G, overlooking Manhattan from the 3rd floor of News Corp. headquarters, on April 20. B&C got an early peek at the new space.
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