ShopHQ’s dissident shareholder group made inroads into the home shopping network’s board this week, the New York Post reported Thursday.
The Clinton Group, following a proxy battle, claims that ShopHQ stockholders voted in four of its slate of six board nominees, the Post reported. That means that the 8-member board will be split between the Clinton Group and current management, with each having four seats.
The dissidents, who were looking to oust ShopHQ CEO Keith Stewart, were thwarted in their attempt to gain control of the board by Comcast Corp., the 800-pound gorilla cable company, the Post said.
Comcast, which owns a 14 percent stake in the No. 3 home shopping network, threw its support behind the board incumbents.
ShopHQ told the Post that the votes for the board members are still being counted.