topic Re: Hedge Fund and ValueVision Shopping Network Settle Differences in Community Chat

Hedge Fund and ValueVision Shopping Network Settle Differences

------ — Mon, 23 Jun 2014 15:40:49 GMT

From today's NYT:

After a seven-month battle, the activist hedge fund Clinton Group and the Internet and shopping network ValueVision Media have settled their differences.

ValueVision announced a new chief executive officer and a new board of directors on Monday. Mark C. Bozek, a former chief executive of the Home Shopping Network, will take the helm of the company as Keith R. Stewart steps down. Robert Rosenblatt will take over as nonexecutive chairman, succeeding Randy S. Ronning.

The move marks a victory for the Clinton Group, a $1.5 billion hedge fund, which placed ValueVision in its cross hairs last November and mounted a proxy battle. As things heated up, the fund called for Mr. Stewart, Mr. Ronning and four other ValueVision board members to step down. Among the nominees it put forward were Mr. Rosenblatt and Mr. Bozek.

Activist investors buy large stakes in companies they believe are undervalued or poorly managed and agitate for change.

The Clinton Group argued that ValueVision, which sells jewelry, appliances and watches, was in need of a makeover. For years, the company has underperformed its competitors, the Home Shopping Network and QVC. When the Clinton Group first began the rattle the cage at ValueVision, its network reached around 86 million satellite and cable homes, while the Home Shopping Network reached 95 million.

The announcement comes on the heels of the results of an annual meeting last week, during which shareholders voted in favor of four Clinton Group nominees and four ValueVision nominees. The new board appointed another member and a fifth Clinton Group nominee in Mr. Stewart’s place.

“ValueVision has great assets and our vision of all that comes next is ambitious,” Mr. Bozek said in a statement.

“We plan to evolve the business, creating more robust platforms that enable us to become a far more relevant player in the multichannel worlds of TV, online and mobile commerce and entertainment,” he added.

Among the new members of the board are senior executives from both the Home Shopping Network and QVC, as well as former network television and retail executives. Mr. Rosenblatt served as chief financial officer, chief operating officer and president of the Home Shopping Network.

The new board will include Mr. Bozek, Mr. Rosenblatt, Thomas Beers, John Buck, Ronald Frasch, Landel Hobbs, Lowell Robinson and Fred Siegel. In addition to Mr. Ronning and Mr. Stewart, Jill Botway, William Evans and Sean Orr will leave the company.

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

croemer — Mon, 23 Jun 2014 15:56:34 GMT

Have you been reading about the mess at ShopNBC gato? Wow...I really feel for those who work there and the pressures they have been putting on their hosts...to get plastic surgery. This may be why one of their hosts now no longer is recognizable and she was a stunning beauty...needing no surgery.

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

------ — Mon, 23 Jun 2014 16:01:03 GMT

On 6/23/2014 croemer said:
Have you been reading about the mess at ShopNBC gato? Wow...I really feel for those who work there and the pressures they have been putting on their hosts...to get plastic surgery. This may be why one of their hosts now no longer is recognizable and she was a stunning beauty...needing no surgery.

I didn't know that croemer. That's horrible

One VV/Shop host I really miss is Charla. She was a hoot. I hope the new team invites her back.

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

croemer — Mon, 23 Jun 2014 16:13:56 GMT

On 6/23/2014 ------ said:
On 6/23/2014 croemer said:
Have you been reading about the mess at ShopNBC gato? Wow...I really feel for those who work there and the pressures they have been putting on their hosts...to get plastic surgery. This may be why one of their hosts now no longer is recognizable and she was a stunning beauty...needing no surgery.

I didn't know that croemer. That's horrible

One VV/Shop host I really miss is Charla. She was a hoot. I hope the new team invites her back.

I miss her too. I was no fan at first and within a few months I would watch just because she was so entertaining. They have let go all the hosts who truly had a knowledge of their products and those with a little age on them it seems.

I found this out one day about the plastic surgery reading a home shopping blog. One of their prettiest hosts has (JMO) ruined her face because of the pressure they have put on their hosts. Very sad.

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

Kachina624 — Tue, 24 Jun 2014 02:35:51 GMT

Where did you all hear this stuff about plastic surgery? All this is very interesting. There could use a little polish.

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

croemer — Tue, 24 Jun 2014 03:09:34 GMT

On 6/23/2014 kachina624 said: Where did you all hear this stuff about plastic surgery? All this is very interesting. There could use a little polish.

Here is one article kachina:

ARTICLE LINK to HOMESHOPPINGISTA. What Pamela McCoy has to say is disturbing to me. Pamela was a highly rated host at SNBC at one time.

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

Kachina624 — Tue, 24 Jun 2014 04:21:49 GMT

Wow, that's rough. Makes you wonder how much is true. I wonder if Paul Kelly is still with the company? He was the host supervisor at one time. It sounds like the company is ripe for an EEOC suit by the female employees. I'm glad I don't work there. Thanks for the link croemer.

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

croemer — Tue, 24 Jun 2014 06:12:18 GMT

On 6/23/2014 kachina624 said: Wow, that's rough. Makes you wonder how much is true. I wonder if Paul Kelly is still with the company? He was the host supervisor at one time. It sounds like the company is ripe for an EEOC suit by the female employees. I'm glad I don't work there. Thanks for the link croemer.

I have no idea...but it sounds like most of the employees are on pins and needles and made to feel inferior. What an awful environment.

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

ennui1 — Tue, 24 Jun 2014 07:13:47 GMT

Anyone who works in television is pressured to get plastic surgery. Look at how many topics get started here, suggesting that a host get some work done. Anyone aging naturally is denigrated.

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

Judaline — Tue, 24 Jun 2014 13:51:58 GMT

I'm very confused. I was an early VV customer. I still have the same customer number at shopQ, formerly shopnbc. Value Vision is sooooo long gone. Why are they talking about it? Did it start up again? I remember Carmela being part owner, wasn't she? Again, did VV start up again?

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

------ — Tue, 24 Jun 2014 16:20:26 GMT

On 6/23/2014 croemer said:
On 6/23/2014 kachina624 said: Where did you all hear this stuff about plastic surgery? All this is very interesting. There could use a little polish.

Here is one article kachina:

ARTICLE LINK to HOMESHOPPINGISTA. What Pamela McCoy has to say is disturbing to me. Pamela was a highly rated host at SNBC at one time.

Wow. If what Pamela says is true that's awful

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

------ — Tue, 24 Jun 2014 16:25:15 GMT

On 6/24/2014 Judaline said:
I'm very confused. I was an early VV customer. I still have the same customer number at shopQ, formerly shopnbc. Value Vision is sooooo long gone. Why are they talking about it? Did it start up again? I remember Carmela being part owner, wasn't she? Again, did VV start up again?

Value Vision Media owns what is now known as ShopHQ. In 2000 NBC Universal purchased a share of the company and it was rebranded as ShopNBC. Then NBC sold its shares back to Value Vision Media and it was named ShopHQ.

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

Judaline — Tue, 24 Jun 2014 23:11:59 GMT

So the now owners are the ones suggesting the women have plastic surgery? What losers. I wonder how old they are. Before I quit I would give them a mouthful. Starting with, 'it isn't our looks that sell products, it's good products-you know like the jewelry we used to have when the Ramseys and others were on? That jewelry.' (just for starters). I'm glad this is out there.

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

songbird — Wed, 25 Jun 2014 01:25:35 GMT

I miss that host Charla too. I don't know where she went, but she was terrific. I didn't notice the network (all though we had it). My husband found it first. They had just switched over as ShopNBC. It seemed to be fine jewelry 24 hours a day, with occasional breaks for watches. Except for Pam's amazing lamb leather, it seemed to offer nothing else. Anyway he found it because he was looking for an omega (for me) as a anniversary gift. He got the huge 18K one. At the time it was under $400.00 and it was 42 grams. It seems so long ago now. They had good hosts and Sonia Bitton and her grade quality diamonds. What a shopping network! It was the first luxury network.The only thing really expensive there (at the time) was Sonia's 18K and diamond pieces. That was costly even then. The Ramsey's offered unusual gems. I remember seeing a Santa Maria Aquamarine for over $10,000. I shopped for all it's worth till the gold became too expensive, and Sonia's diamonds went through the roof. Those of you who didn't have it, missed the boat on great jewelry and leather goods. Now I guess they're paying for it.

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

terrier3 — Wed, 25 Jun 2014 01:31:51 GMT

Venture capitalists don't buy businesses for the long haul.

They come in, saddle them with debt (the price of the sale), lower costs by firing vets, eliminating jobs and lowering quality.

In the meantime, the venture capital firm pays themselves huge management consulting fees to get the company "in shape." They pay the new hand picked board members big consulting fees too - to make sure they toe the line and go along with management.

The if all that debt gets to be too much, they go bankrupt and sell off the company (again at a profit).

The Venture Capitalists can't lose - the employees and customers take the hit.

That's business today, folks!

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

------ — Wed, 25 Jun 2014 01:42:27 GMT

On 6/24/2014 songbird said:
I miss that host Charla too. I don't know where she went, but she was terrific. I didn't notice the network (all though we had it). My husband found it first. They had just switched over as ShopNBC. It seemed to be fine jewelry 24 hours a day, with occasional breaks for watches. Except for Pam's amazing lamb leather, it seemed to offer nothing else. Anyway he found it because he was looking for an omega (for me) as a anniversary gift. He got the huge 18K one. At the time it was under $400.00 and it was 42 grams. It seems so long ago now. They had good hosts and Sonia Bitton and her grade quality diamonds. What a shopping network! It was the first luxury network.The only thing really expensive there (at the time) was Sonia's 18K and diamond pieces. That was costly even then. The Ramsey's offered unusual gems. I remember seeing a Santa Maria Aquamarine for over $10,000. I shopped for all it's worth till the gold became too expensive, and Sonia's diamonds went through the roof. Those of you who didn't have it, missed the boat on great jewelry and leather goods. Now I guess they're paying for it.

Sonia's diamond flex rings were to die for. And the 24K gold line was amazing. And the ancient coin jewelry. Ahh those were the days.

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

colliegirls — Wed, 25 Jun 2014 11:35:16 GMT

On 6/24/2014 ennui1 said:
Anyone who works in television is pressured to get plastic surgery. Look at how many topics get started here, suggesting that a host get some work done. Anyone aging naturally is denigrated.

Sad but true. I would say most of them do have work done.

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

Photo Donna — Wed, 25 Jun 2014 12:12:50 GMT

On 6/25/2014 colliegirls said:
On 6/24/2014 ennui1 said:
Anyone who works in television is pressured to get plastic surgery. Look at how many topics get started here, suggesting that a host get some work done. Anyone aging naturally is denigrated.

Sad but true. I would say most of them do have work done.

I know a couple of the news people here in Atlanta. One guy is older (and an anchor) boy - oh boy -- he is bitter about what you HAVE to do when you start getting older!

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

NewerNickname — Wed, 25 Jun 2014 13:00:29 GMT

On 6/24/2014 ------ said:
On 6/23/2014 croemer said:
On 6/23/2014 kachina624 said: Where did you all hear this stuff about plastic surgery? All this is very interesting. There could use a little polish.

Here is one article kachina:

ARTICLE LINK to HOMESHOPPINGISTA. What Pamela McCoy has to say is disturbing to me. Pamela was a highly rated host at SNBC at one time.

Wow. If what Pamela says is true that's awful

I'm guessing that the ShopHQ host Pamela refers to who left is Libby Floyd.

Re: Hedge Fund and ValueVision Shopping Network Settle Differences

colliegirls — Wed, 25 Jun 2014 13:33:38 GMT

Just looked at the host page for ShopHQ, they all are so photoshopped or have had a LOT of cosmetic surgery.