Home Shopping Menu Now Includes ShopNBC
Establishes Special Committee, Retains Piper Jaffray To Review Strategic Alternatives
By Multi Channel News Staff -- Multichannel News, 9/11/2008 12:03:00 PM
Two weeks after angry shareholders said the TV and online shopping service should be put up for sale, ShopNBC is on the block.
ShopNBC's board has appointed a special committee of independent directors to review strategic alternatives aimed at maximizing shareholder value.
Minneapolis-based Piper Jaffray & Co. has been retained by the special committee to serve as its financial advisor. The committee will consist of two current directors -- former Amgen Inc. executive George Vandeman, who will serve as chairman, and former Opus Corp. executive Robert Korkowski -- and an yet to be named third person will also join the board of directors.
The announcement came two weeks after shareholders during a conference call discussing disappointing second-quarter results pushed for the sale of the company.
ShopNBC's parent company, Eden Prairie, Minn.-based Value Vision Media Inc., is controlled by NBC Universal.
"There can be no assurance that the review process will result in the announcement or consummation of any sale or other transaction," the company said in a statement.
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