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ShopNBC Parent Prices Offering - Broadcasting & Cable

ShopNBC Parent Prices Offering

Proceeds used to redeem GE capital shares
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ValueVision Media, the parent of
shopping network ShopNBC, said it has priced a public offering of stock, most
of the proceeds of which will go to redeem preferred shares held by a unit of
GE Capital.

According to documents filed with
the Securities and Exchange Commission Thursday, ValueVision said it has priced
about 8.25 million shares of stock at $6.25 each. The proceeds - about $51.6
million - will be used to redeem the outstanding Series B preferred shares held
by GE Capital Equity Investments and for general corporate purposes. 
Piper Jaffray & Co. is acting as sole book-running manager, and Dougherty
& Co. and Feltl and Company are acting as co-managers in the offering,
which is expected to close on April 4.

ValueVision added that it has
granted the underwriters a 30-day option to purchase an additional 1.2 million
shares to cover over-allotments.

GE was one of the early investors in ValueVision
and once held about 30% of its stock. Over the past few years, however, GE has
tried to exit that position.

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