Monday, August 25, 2008

ShopNBC Shareholders Revolt!

Are the ShopNBC shareholders turning into an angry mob?

According to, angry shareholders want to put ShopNBC up for sale.

After another quarter of plummeting revenue (as reported by Queen Bea here), these "shareholders want the board of directors to hire an investment bank to sell ValueVision Media. They also question the competency of the board for firing Aiu (recently ousted CEO), wondering if Aiu, who was hired March 3, had enough time to turn around the company after it has spent years struggling to find its feet."

Basically, ShopNBC hasn't turned a profit since 2001, but the most recent CEO is taking the fall for the dismal second quarter financials. I hate to defend an overpaid CEO, but that's not exactly fair. Besides, if you're going to spend $600,000 on a CEO, then at least give her a chance to do something before you can her.

And, by the way, it doesn't take some high-falutin, over-paid executive to figure out what their main problem is. Customers have so many options today--online, brick and mortar, catalogue, home shopping television--that you have to separate yourself. If you want to get and keep new customers, you have to make your home shopping channel one that they will want to watch on a regular basis--endearing host personalities, great brands and vendors, lower price points, and a soft sell.

I wonder if you can buy ShopNBC on Value Pay???

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