ShopNBC Successfully Completes Cable and Satellite Negotiations
October 19 2009 - 8:00AM
Marketwired
ShopNBC (NASDAQ: VVTV), the premium lifestyle brand in electronic
retailing, today announced it has successfully completed
negotiations with its cable and satellite providers pertaining to
the carriage agreements that had expired at the end of the calendar
year 2008. Of the 73 million households in ShopNBC's distribution
footprint today, these carriage agreements consisted of
approximately 65% of these homes.
Throughout these negotiations the company stated it successfully
preserved 100% of its distribution footprint, realized a cost
savings of $24 million in fiscal 2009, and improved the network's
channel positions in many markets. As part of these negotiations,
the company successfully secured dual illumination at no additional
cost in many critical markets. This technique allows ShopNBC
programming to be broadcast on two different channels on one
system, and the company stated it has already seen meaningful
productivity increases in those markets.
"I am very pleased with our efforts to successfully conclude all
of our carriage agreements that were up for renewal in the last
year," said Keith Stewart, ShopNBC's President and CEO. "This
accomplishment is a major milestone for the company in its
turnaround, as significant cost savings were achieved while we
maintained our national footprint. I am also optimistic about our
ability to increase our sales productivity per home across the
board in these households."
Added Steward, "We have strategically signed short-term
distribution agreements because the digital world of today is very
different from the analog world of yesterday. Going forward, we see
an opportunity to continue to reduce our costs and further improve
our channel positioning."
About ShopNBC
ShopNBC is a multi-channel electronic retailer operating with a
premium lifestyle brand. The shopping network reaches 73 million
homes in the United States via cable and satellite television: DISH
Network channels 134 and 228; DIRECTV channel 316. Programming is
also streamed live on the web at http://www.ShopNBC.TV. Its
companion Internet site, http://www.ShopNBC.com, is recognized as a
top e-commerce site with compelling product videos. ShopNBC is
owned and operated by ValueVision Media (NASDAQ: VVTV).
Forward-Looking Information
This release contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management's current
expectations and accordingly are subject to uncertainty and changes
in circumstances. Actual results may vary materially from the
expectations contained herein due to various important factors,
including (but not limited to): consumer spending and debt levels;
interest rates; competitive pressures on sales, pricing and gross
profit margins; the level of cable distribution for the Company's
programming and the fees associated therewith; the success of the
Company's e-commerce and rebranding initiatives; the performance of
its equity investments; the success of its strategic alliances and
relationships; the ability of the Company to manage its operating
expenses successfully; risks associated with acquisitions; changes
in governmental or regulatory requirements; litigation or
governmental proceedings affecting the Company's operations; and
the ability of the Company to obtain and retain key executives and
employees. More detailed information about those factors is set
forth in the Company's filings with the Securities and Exchange
Commission, including the Company's annual report on Form 10-K,
quarterly reports on Form 10-Q, and current reports on Form 8-K.
The Company is under no obligation (and expressly disclaims any
such obligation) to update or alter its forward-looking statements
whether as a result of new information, future events or
otherwise.
Contacts: Investor Relations Frank Elsenbast Chief Financial
Officer 952-943-6262 Media Relations Anthony Giombetti
612-308-1190
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