NBC plans to sell its nearly 20 percent stake in ShopNBC, which will change its name and rebrand by next February, officials from the home shopping network said Wednesday.
During a first-quarter earnings call, ShopNBC CEO Keith Stewart said that NBC, which is being acquired by Comcast, no longer sees TV retailing as a strategic fit. Therefore, NBC plans to sell its 6.5 million shares, a 19.8 percent stake, in the home shopping network. NBC filed with the Securities and Exchange Commission last Friday to sell its shares.
ShopNBC has a 10-year licensing agreement with NBC that expires next May, and the home shopping network for the past eight months has “very methodically” been working with a consultant to develop a new brand name, according to Stewart.
“We have a short list of names,” he said.
The home shopping channel had been called ValueVision, and the company’s corporate name remains ValueVision Media, until NBC acquired a stake in it nearly a dozen years ago. With NBC in as an investor-partner, ValueVision changed its network’s name to ShopNBC.
ShopNBC will roll out that new name gradually this summer, starting out on the Web, and will listen to customer feedback and suggestions, he added.
“We will respond to customers,” Stewart said.
The final evolution will be using the new name for the TV network, with that transition to be completed by next February, before the licensing deal with NBC expires, according to Stewart.
“It’s important that we own the brand,” Stewart said.
For example, having control of the network’s name would permit ShopNBC to expand internationally, according to Stewart.
GE Capital still owns 6 million shares of ShopNBC, which is a 15.5 percent stake.
Tags: Comcast, Keith Stewart, NBC, ShopNBC, The Homeshoppingista
Homeshoppingista's Blog By Linda Moss 
May 19, 2010 at 5:05 pm |
I’m surprised that NBC-UNIVERSAL did lay this on Conan & Leno, too.
May 19, 2010 at 5:07 pm |
That one made me laugh out loud. You are right.
May 19, 2010 at 5:07 pm |
Correction….that should be “didn’t” instead of “did”.
Its been a tough couple of days. Sorry!
May 19, 2010 at 5:15 pm |
I knew exactly what you meant.
May 19, 2010 at 7:03 pm |
“We will respond to customers” — that’s the funniest thing I’ve heard!
Has he ever bothered to visit the companies Facebook wall? Customers complain there several times a day and nothing is done about it.
May 19, 2010 at 9:55 pm |
why doesnt shoppingista start a contest about what the new name will be? where will they go abroad and sell? gawd, i can only say all this because i once was a viewer…..they had quality stuff……now its hangers and Hoovers…….LOLOL
May 19, 2010 at 10:08 pm |
Good riddance to NBC. The channel quickly went downhill after NBC took over and renamed it ShopNBC. Value Vision had a great selection (especially of gold jewelry), great prices, and fabulous hosts. NBC changed all that by trying to appeal to the higher end customer with their outrageous price points. Maybe now they’ll bring back Charla!
July 9, 2010 at 5:00 am |
ShopNBC will be lucky to be around for another year. They should name it the the half ass shopping network!!! look at the stock, soon it will be an OTC because it will end up as a penny stock… Yeah the name will make the difference. The ship is going to sink faster then the Titanic!!!
October 7, 2011 at 3:56 am |
joyeria online…
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May 23, 2013 at 4:45 am |
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May 29, 2013 at 1:58 pm |
They spend way tooooooomuch time on watches and mattresses!
I don’t watch them near as much as QVC or HSN due to the lack of interest in these items. Also, they need better sizing on their clothing lines as well as better clothing vendors. Much of their clothing is hokey.