Archive for the ‘Greg Maffei’ Category

HSN CEO Mindy Grossman Took Home A $12 Million Paycheck Last Year

April 5, 2011

HSN CEO Mindy Grossman is a multi-milllion dollar woman, raking in $12.1 million in compensation last year, triple what she made in 2009.

Grossman’s compensation was reported in an HSN filing, page 37, with the Securities and Exchange Commission Monday. Her payment package included a $1.16 million base salary, $5.7 million in stock awards, a $2.1 million non-equity incentive plan bonus and $194,000 in other compensation.

The “other” compensation was $114,000 for housing, a $50,000 reimbursement to Grossman for legal fees incurred in connection with an amendment of her employment agreement, and $30,000 for a car.

Mindy, can we borrow $1 million?

Last year’s $12.1 million in compensation was a nice bump up from the $4.1 million Grossman received in 2009.

And it appears that in 2010 Grossman did better than Greg Maffei, who is president and CEO QVC’s parent, Liberty Media Corp. Maffei received $6.4 million in total compensation last year, with a $1.5 million base salary, according to a filing Liberty made with the SEC Monday.

One of Maffei’s performance objectives was “increased focus by QVC on international and Internet expansion.”

Back over at HSN, the rest of Grossman’s management did pretty well.

Chief financial officer Judy Schmeling’s 2010 compensation was $1.9 million, up from $1.4 million in 2009. Her base salary last year was $562,000.

Lynne Ronon, HSN’s executive vice president of merchandising, received $1.3 milllion in 2010 compensation, down slightly from the $1.4 million she received the prior year.

QVC Parent Liberty Media To Release Fourth-Quarter Earnings Feb. 28

February 1, 2011

Liberty Media Corp., QVC’s parent, will release its fourth-quarter earnings Feb. 28 at noon, the company said Monday.

Liberty Media president and CEO Greg Maffei will host the call. He will discuss the company’s financial performance and outlook and may discuss the previously announced split-off of the Liberty Capital and Liberty Starz tracking stock groups.

Replays of the conference call can be accessed through 8 p.m. on March 7 by dialing (888) 203-1112 or (719) 457-0820 plus the passcode 7704326#.

In addition, the fourth quarter earnings conference call will be broadcast live via the Internet. All interested participants should visit the Liberty Media website at http://www.libertymedia.com/events to register for the webcast.

QVC Parent Liberty Media To Present At The 2011 Citi Global Conference

December 29, 2010

Liberty Media Corp. president and CEO at Greg Maffei will be presenting at the 2011 Citi Global Entertainment, Media and Telecommunications Conference next Wednesday at 3:35 p.m. Mountain Standard Time at The Arizona Biltmore in Phoenix,the company said Wednesday.

Why should you care? Cable honcho John Malone’s Liberty Media owns QVC, that’s why.

During his presentation, Maffei may make observations regarding the company's financial performance and outlook and may discuss the previously announced split-off of the Liberty Capital and Liberty Starz tracking stock groups.

The presentation will be broadcast live via the Internet. All interested persons should visit the Liberty Media site at http://www.libertymedia.com/events to register for the webcast. An archive of the webcast will also be available on this website for 30 days.

The New York Times Reveals QVC’s Secrets: Not, But Honchos Mike George And Greg Maffei Surface

November 21, 2010

First The Wall Street Journal, now The New York Times, have woken up and figured out that home shopping is a booming business. And there was not one mention of cubic zirconia in either story.

While The Journal recently wrote about HSN with a trip to Florida, The Times headed out to West Chester, Pa., to do its take on QVC. The headline on the story this weekend is “Can QVC Translate Its Pitch Online.”

As a veteran journalist, we found that this story didn’t quite gel because although it’s supposed to be about QVC’s online strategy — and its growing online sales — much of the piece reports on the home shopping network’s TV side.

QVC CEO Mike George dissed a gift box with Santa's face on it, to the horror of a QVC PR person

Our guess is that when The Journal wrote about home shopping networks booming and attracting names like celebrity stylist Rachel Zoe and others, The Times had to find a different angle for its story. And it made its angle about QVC.com.

A big thesis of The Times story is that people thought the Internet might hurt home shopping channels. Why would you think that? The Web lets QVC, HSN and ShopNBC sell their vast inventory 24 hours a day, not just a few items every day. But what do we know.

And once again, as we read in The Journal, home shopping hosts and vendors — via those pesky earpieces — are coached by producers about when items are selling, and when they are duds and it is time to move on. Big whoop!

Lisa Robertson says QVC viewers don't want polished professionals

You have the link so you can read The Times story yourself, but here are some points that stood out for us:

— QVC CEO Mike George finally came out of the woodwork and was interviewed for the story.

— George dissed one of QVC’s products, prompting “an anguished sound” from a QVC PR person.

— Greg Maffei, CEO of QVC parent Liberty Media, came out of the woodwork and was interviewed for the story.

— Host Lisa Robertson’s quote, “They (QVC viewers) don’t want to see a bunch of polished professionals. They want to see the real people.” So Lisa, what are you saying? That you and your fellow hosts are a bunch of unpolished amateurs?

— Zoe has brought a ton of new customers to QVC.

— Milinda Baker Weldon from Graham, Texas, is a self-admitted QVC addict who has the network on six hours a day.

— Rachael Ray sold $350,000 worth of cookware on QVC in 12 minutes.

QVC Parent Liberty Media Will Present At Deutsche Bank Conference

November 11, 2010

QVC’s parent, Liberty Media Corp., will be at the Deutsche Bank 2010 Media and Telecom Conference, presenting next Wednesday at 8:00 a.m., the company announced Wednesday.

Liberty Media president and CEO Greg Maffei may make observations regarding the company’s financial performance and outlook and may discuss the previously announced split-off of the Liberty Capital and Liberty Starz tracking stock groups.

The confab is at The Breakers Hotel in Palm Beach, Fla.

The presentation will be broadcast live via the Internet. All interested persons should visit the Liberty Media Corporation website at http://www.libertymedia.com/events to register for the webcast. An archive of the webcast will also be available on this website for 30 days.

QVC Parent Liberty Media To Issue Third Quarter Results Nov. 5

October 14, 2010

Liberty Media Corp., parent of QVC, will release its third quarter earnings Nov. 5 at noon, the company said Wednesday.

Greg Maffei, Liberty Media’s president and CEO, will host the call. Maffei will discuss the company’s financial performance and outlook and may discuss the previously announced split-off of the Liberty Capital and Liberty Starz tracking stock groups.

Replays of the conference call can be accessed through 3 p.m. on Nov. 12, by dialing (888) 203-1112 or (719) 457-0820 plus the passcode 4402387#.

In addition, the second quarter earnings conference call will be broadcast live via the Internet. All interested participants should visit the Liberty Media website at http://www.libertymedia.com/events to register for the webcast.

Links to the press release and replays of the call will also be available on the Liberty Media website. The conference call and related materials will be archived on the website for one year.

QVC Parent Liberty Media To Present At Goldman Sachs Communacopia XIX Conference

September 17, 2010

Liberty Media Corp., QVC’s parent, will do a presentation next Thursday at the Goldman Sachs Communacopia XIX Conference at 9:40 a.m. at the Goldman Sachs Conference Center in New York City.

Liberty Media CEO Greg Maffei may make observations regarding the company’s financial performance and outlook and may discuss the previously announced split-off of the Liberty Capital and Liberty Starz tracking stock groups.

The presentation will be broadcast live via the Internet. All interested persons should visit the Liberty Media website at http://www.libertymedia.com/events to register for the webcast. An archive of the webcast will also be available on this website for 30 days

Liberty Media Announces Refinancing Of QVC Bank Credit Facilities

September 3, 2010

It’s not sexy, but it’s all we’ve got today.

QVC and its parent, Liberty Media Corp., Thursday announced the refinancing of the home shopping network’s bank credit facilities with a new revolving credit facility.

The revolver provides a line of credit of up to $2 billion and replaces QVC’s existing credit facilities, set to expire between 2011 and March 2014. Of the $2 billion of capacity available on the revolver, QVC drew the USD equivalent of $1.83 billion at closing.

“We are pleased with the successful refinance of QVC’s bank debt,” Liberty Media CEO Greg Maffei said in a canned statemment. “The new facilities enhance QVC’s credit profile and further strengthen its balance sheet by providing additional financial flexibility and liquidity.”

The interest rate on the revolver is at a lower rate than the weighted average rate of the previous bank credit facilities and the revolver extends maturities to September 2015.

QVC’s maximum leverage ratio covenant under the Revolver is 3.5x (as compared to 3.75x currently), through September 2012 and 3.25x thereafter. The revolver is secured by the stock of QVC and certain of its subsidiaries.

QVC Will Watch Performance Of Second Networks In UK, Germany Before Considering One In U.S.

August 15, 2010

QVC Mike George

Don’t expect to see QVC launch a second network in the United States any time soon, even though rival HSA debuted HSN2 on Aug. 1.

QVC this fall does plan to launch second channels in the United Kingdom and Germany, QVC CEO Mike George said during a second-quarter conference call for parent Liberty Media Monday.

Those new shopping networks “will feature the best-of content, and expose QVC to more consumers,” according George.

And QVC in the second quarter started doing a late-night simulcast of its UK network on ITV, and a hour simulcast its Japanese home shopping nework in that country.

But you won’t see any of this happening in America yet, he added.

“The reason we chose UK and Germany for second channel is that it’s relatively low cost to get incremental distribution,” George said. In those countries the new QVCs will be “largely leveraging content off the main channel” but will have some original programming.

In the UK, the second network will focus on bearty, while the one Germany will be “more mixed,” with some focus on beauty, according to George.

“These taped channels provide modest revenue potential,” he said. “I don’t want to overstate the impact, and the key is to do it at a very low cost. In the U.S. we may at some point explore a second channel, but it’s a little bit lower down on our priority list…the equation for us is in terms of amount of revenue potential relative to the cost and caliber of the distribution. It’s not as clear cut a case (in the U.S.) as it is in the UK and Germany. So we’ll watch those two markets…At some point we might consider bringing it to the U.S., but that’s unclear at this point.”

HSN2, which debuted on Dish Network, is using taped content from HSN, content that was shot but never aired on HSN and some original programming.

The Kardashians, Mad Chef Gordon Ramsay To Bring Reality TV To QVC

August 15, 2010

The Kardashians are coming to QVC

Ornery chef Gordon Ramsay and the horny (just kidding) Kardashian sisters are coming to QVC.

QVC president Mike George gave Wall Street analysts that news during the second-quarter conference call for the home shopping network’s parent, Liberty Media, last Monday.

“The Kardashians,” according to George, will launch an apparel line called K-Dash. Dash is the name of the boutique that the three beautiful sisters and reality TV stars have in LA and Miami. Kim Kardashian appeared on QVC earlier this year, selling an exercise tape.

QVC will also be adding three chefs to its roster, George said.

Will Gordon Ramsay play nice on QVC

“We’ll be launching a new celebrity chef series featuring Gordon Ramsay, well known for his ‘Hell’s Kitchen’ series and his ‘Master of Chefs’ series, which premieres this summer, as well as Lidia Bastianich, David Burke and Tyler Florence,”
George told analysts.

On the fashion front, QVC will expand its participation in Fashion Week in Manhattan. The network will co-sponsor Fashion’s Night Out with Vogue magazine, the city of New York and the Council of Fashion Designers of America, according to George.

As part of that event, QVC will launch a pop-up store in Rockefeller Center, he added.