It looks like cable giant Comcast Corp. has shed its inherited stake in Evine, formerly ShopNBC.
Earlier this week the No. 3 home shopping network said it had agreed to purchase
4.4 million share of its common stock, representing about 7 percent of its outstanding shares, for $4.9 million from NBCUniversal Media, which is part of Comcast.
Evine paid $1.12 a share.
“Comcast and NBCUniversal have and continue to be great business partners, as our network is distributed on Comcast’s cable television systems,” Evine CEO Bob Rosenblatt said in a canned statement.
“We were happy to work with them to efficiently reduce this non-core investment that Comcast inherited in their acquisition of NBCUniversal in 2011. We look forward to continuing to partner with Comcast to build a strong future for Evine.”
As we recall from pour days covering the cable industry, NBC bought a stake in Evine when it was called ValueVision. With that partnership, the channel’s name was changed to ShopNBC, but the network didn’t perform as well as NBC had hoped.
Comcast eventually acquired NBC, which itself had merged with Universal.
Craig-Hallum Capital Group LLC served as financial advisor to Evine.