Posts Tagged ‘Liberty Media Corp.’

Maffei To Head QVC’s Parent Liberty Through 2019

December 30, 2014

At last, some news after the holidays.

Greg Maffei will continue as President and CEO of Liberty Interactive Corp., parent of QVC, and Liberty Media Corp. through 2019, the companies said Monday.

Their boards approved new employment arrangements with Maffei.

“We are extremely pleased that Greg will continue in his leadership role for another five years,” Cable cowboy John Malone, chairman of Liberty Interactive and Liberty Media, said in a canned statement. “His creativity and strategic vision have been transformational and have created tremendous shareholder value since he joined us in 2005.”

Maffei, usually a man of few words, had his own quote, although he didn’t say much, other than brown-nosing his bosses.

“I am thrilled to continue in my role at Liberty,” Maffei said. “I want to thank John and the board members for the support I have received as we have made significant investments and transformative changes. Today, Liberty has a portfolio of businesses that are very well-positioned for the digital mobile era, led by great management teams, with the resources to be opportunistic in the future.”

Under the Maffei’s new deal, he will get an annual base salary of $960,750, increasing annually by 5 percent of the prior year’s base salary, and an annual target cash bonus equal to 250 percent of the applicable year’s base salary.

He also has the opportunity to earn annual performance-based equity incentive awards during the employment term. And they are sweet.

http://ir.libertyinteractive.com/secfiling.cfm?filingid=1104659-14-89108&CIK=1355096

Liberty Interactive operates and owns interests in a broad range of digital commerce businesses attributed to two tracking stock groups: the QVC Group and the Liberty Ventures Group.

The businesses and assets attributed to the QVC Group (Nasdaq: QVCA, QVCB) consist of Liberty Interactive’s subsidiary, QVC Inc., and its interest in HSN, Inc., and the businesses and assets attributed to the Liberty Ventures Group (Nasdaq: LVNTA, LVNTB) consist of all of Liberty Interactive Corporation’s businesses and assets other than those attributed to the QVC Group, including its interest in Expedia, its subsidiaries Provide Commerce, Backcountry.com, Bodybuilding.com, CommerceHub, LMC Right Start and Evite, and minority interests in Time Warner, Time Warner Cable, Lending Tree and Interval Leisure Group.

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Wall Street Journal Calls QVC John Malone’s ‘Bargain’

October 28, 2011

QVC got a valentine from The wall Street Journal Thursday.

A story in the “Heard on the Street” section, headlined “Chasing Liberty’s QVC Bargain,” lauded the home shopping network’s financials.

http://online.wsj.com/article/SB10001424052970203554104577000053090148234.html

“It’s hard to age gracefully on television,” the lede of the story said. “But home-shopping networks are poised to become classics.”

The article noted that while brick-and-mortar retailers such as Wal-Mart are seeing sales declines, QVC has rebounded. Although its revenue dropped 6 percent in 2008, QVC is now posting single single-digit increases, according to The Journal.

The story also said that QVC’s core shoppers are women 35-to-64, not the demo that typically cuts its cable service.

The No. 1 home shopping network, part of cable cowboy John Malone’s Liberty Interactive, also boasts high margins.

QVC Parent Liberty Media To Announce Third-Quarter Earnings Nov. 8

October 12, 2011

QVC’s parent, Liberty Media Corp., will release its third-quarter earnings Nov. 8 at 11:15 a.m.

Why not 11 a.m. or 11:30 a.m., for Pete’s sake?

Liberty Media President and CEO Greg Maffei will host the call. During the call, he ill discuss the company’s financial performance.

Replays of the conference call can be accessed through 1:15 p.m. Nov. 15 by dialing (888) 203-1112 or (719) 457-0820 plus the passcode 4205514#.

In addition, the third-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.

About Liberty Media Corporation

QVC Parent Liberty Media To Report First-Quarter Earnings May 6

April 9, 2011

QVC’s parent, Liberty Media Corp., will report its first-quarter earnings May 6 at 11 a.m.

Liberty Media president and CEO Greg Maffei will host the call.

During 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 8 p.m. May 13 by dialing (888) 203-1112 or (719) 457-0820 plus the passcode 6157921#.

In addition, the first-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.

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.

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 Japan Off The Air, Operation Damaged By Earthquake

March 16, 2011

QVC Japan is expected to be off-air for at least the remainder of this week “as a result of the tragic earthquake affecting that country,” Liberty Media Corp. said Wednesday.

“QVC’s facilities have suffered moderate damage and all its employees have been accounted for,” QVC parent Liberty Media said in a filing with the Securities and Exchange Commission.

QVC Japan, a joint venture with Mitsui & Co., has 24 million subscribers.

“QVC will continue to assess the impact of the earthquake and its aftermath on QVC’s operations in Japan, but the adverse effect of these events on those operations may be significant,” the filing said.

QVC Japan, a joint venture with , has 24 million subscribers.

Here is what Liberty Media reported about QVC Japan during its fourth-quarter earnings:

QVC Japan’s revenue grew 7% and 10% in local currency for the quarter and the year, respectively, through increased sales in apparel and beauty.

QVC Japan achieved growth of 13% and 17% in units sold for the quarter and the year, respectively with the average selling price in local currency declining 6% in both the quarter and the year.

For the full year, QVC Japan exceeded $1 billion in revenue, the first market outside the US to achieve that milestone. QVC Japan’s adjusted OIBDA margin increased 77 basis points for the quarter and 96 basis points for the year primarily as a result of reductions in cable operator commission expense due to favorable renegotiated contract terms as well as attaining leverage on fixed costs due to the increase in revenue.

Comcast, Past Owner Of QVC, Now Owns 17 Percent Of ShopNBC

February 8, 2011

Comcast, the Philadelphia cable cabal, is back in the home shopping business.

Comcast, which once owned QVC, now holds a roughly 17 percent stake in ShopNBC, as a result of its acquisition of NBC Universal, according to a filing the media giant made Monday with the Securities and Exchange Conmmission.

ValueVision Media, ShopNBC’s corporate name, had 37.7 million shares outstanding as of Jan. 5. NBCU, now part of Comcast, owns 6.4 million, or 17 percent, of those shares. Comcast/NBCU will be getting an additional 1 million shares in May as part of a licensing agreement that permits ShopNBC to continue using “NBC” in its name.

And 10 percent of ShopNBC’s common stock is owned by management.

QVC, once of Comcast CEO Brian Robert’s favorite assets, is now owned by cable cowboy John Malone’s Liberty Media.

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 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.

Home Shopping Network QVC’s Revenue Increased 7 Percent, To $1.2 Billion, In Third Quarter

November 5, 2010

QVC’s domestic revenue rose 7 percent in the third quarter, to $1.2 billion, as its product mix continued to show steady growth in accessories, apparel and home and a decline in jewelry sales, the home shopping network’s parent reported Friday.

“We continue to leverage our programming assets through the launch of second channels in both Germany and the UK and the iPad app in the US,” QVC president and CEO Mike George said in a prepared statement. “Our pop-up store and studio in Rockefeller Center for Fashion’s Night Out generated positive press attention but more importantly engaged our customers through our live broadcasts, Facebook, Twitter, YouTube and QVC.com.”

Earlier in the week HSN posted a 6 percent gain in third-quarter sales.

QVC’s domestic adjusted OIBDA increased 8 percent to $261 million compared to the third quarter 2009, according to its parent, John Malone’s Liberty Media Corp. The average selling price increased 2 percent from $47.52 to $48.30 while total units sold increased 5 percent to 26.2 million.

Returns as a percent of gross product revenue decreased from 19.3 percent to 18.8 percent. QVC.com sales as a percentage of omestic sales grew from 28 percent in the third quarter last year to 31 percent this year.

The domestic adjusted OIBDA margin increased 22 basis points to 22.4 percent for the quarter primarily due to a lower inventory obsolescence provision as well as more efficient customer service operations partially offset by increased fixed costs primarily due to the non-recurrence of favorable franchise and sales tax audit settlements recorded in the prior-year period.

Overall, the domestic adjusted OIBDA results were negatively impacted by $5 million due to QVC’s new credit card agreement with GE Money Bank, which was effective Aug. 2. QVC entered into a new agreement with GE Money Bank, who provides revolving credit directly to QVC customers solely for the purchase of merchandise from QVC. Under the new agreement QVC receives a portion of the economics from the credit card program according to percentages that vary with the performance of the portfolio.

QVC also recovered its noninterest bearing cash deposit maintained in connection with the prior arrangement in the amount of $501 million. During the third quarter, QVC entered into a new bank credit agreement which provides for a $2 billion revolving credit facility and reduced bank borrowings by $745 million, lowering QVC’s leverage ratio below 2:1.

QVC’s consolidated revenue, which includes domestic and international sales, increased 7 percent in the third quarter to $1.8 billion; adjusted OIBDA increased 8 percent to $369 million and operating income increased 13 percent to $235 million.

“Every QVC market generated strong revenue growth in local currency, increased adjusted OIBDA margins and attracted more new customers in the third quarter,” George said. “Our consolidated adjusted OIBDA margin, excluding our start-up operations related to Italy and the negative impact of our new QCard arrangement, improved 105 basis points from a strong adjusted OIBDA margin last year. QVC expanded its global footprint through the successful launch of QVC Italy on October 1st.”

QVC’s international revenue increased 6 percent in the third quarter to $604 million from $569 million including the impact of unfavorable exchange rates in the United Kingdom and Germany and favorable exchange rates in Japan.

International adjusted OIBDA increased 9 percetn to $108 million and adjusted OIBDA margin increased 48 basis points for the quarter. The increase in the adjusted OIBDA margin was primarily due to the increased gross product margin in Germany, partially offset by $9 million of costs related to the Oct. 1 launch of QVC Italy service.

Excluding the effect of exchange rates, QVC’s international revenue and adjusted OIBDA both grew 8 percent. International djusted OIBDA increased 17 percent, excluding the effect of exchange rates and start up costs related to QVC Italy.