SOURCE: ShopNBC

April 28, 2008 16:01 ET

ShopNBC Selects New Board Members: NBCU's Bonnie Hammer and GE Commercial Finance's Patrick O. Kocsi

MINNEAPOLIS, MN--(Marketwire - April 28, 2008) - ShopNBC (NASDAQ: VVTV), a 24-hour TV shopping network, today announced the nomination of NBC Universal executive Bonnie Hammer, President, Cable Entertainment and Cable Studios, and GE Commercial Finance executive Patrick O. Kocsi, a Managing Director, to its Board of Directors. The representatives of GE and NBCU are expected to be formally appointed as Directors upon the election results at the annual shareholder meeting in June.

The Board also indicated that Directors Ronald Herman and James Barnett will not stand for re-election as Directors at the June 11, 2008 annual meeting of the shareholders. Nominee Mr. Kocsi will replace Mr. Herman, who is also with GE Commercial Finance; nominee Ms. Hammer will fill a vacant Director position. ShopNBC has engaged executive search firm Spencer Stuart to assist the Board in conducting a search for a new Director to replace Mr. Barnett.

"As a symbol of renewed commitment from our strategic partners in GE and NBCU, we are delighted to have Bonnie and Patrick joining the Board," said Chairman John Buck. "Bonnie has impeccable credentials and a proven track record of driving success in cable TV. We look forward to her insights and working more closely with her to help drive success at our network. Patrick possesses a strong background in evaluating media, communications, and entertainment investment opportunities. His expertise in exploring external growth areas for ShopNBC will be a tremendous asset. Together, their combined experience will add great value to our company, and they are each committed to our shareholder mission of delivering long-term growth and sustained profitability."

Added Buck, "On behalf of the Board, I'd like to thank Ron and Jim for their commitment and contributions to ShopNBC during their time as Directors since 2004."

Ms. Bonnie Hammer was named President, Cable Entertainment and Cable Studios for NBC Universal in March 2008. In this role, Ms. Hammer added executive responsibility for NBCU Cable Studios and NBC Universal's Emerging Networks to her existing duties as President, USA Network and SCI FI Channel. Her responsibilities include oversight of original scripted content for NBCU's cable group and external cable channels, as well as leadership of the Emerging Networks group, which includes Chiller, Sleuth and Universal HD. Under Hammer's leadership, USA Network has achieved the #1 position in all of basic cable with a stable of top-rated, Emmy and Golden Globe-award winning original series and movies, sports and entertainment events, off-net television programs and blockbuster theatrical films. During her tenure as president, SCI FI has become a global brand, extending its reach to several markets worldwide and becoming a Top 10 network in the U.S. in ratings and an industry leader in original programming.

Joining the company in 1989, Ms. Hammer's previous titles include executive vice president, general manager of SCI FI Channel and senior vice president of SCI FI Programming & USA Original Productions. Prior to joining Universal Television, Ms. Hammer was an original programming executive at Lifetime Television Network, where she executive produced several award-winning documentaries for the network's acclaimed Signature Series. Ms. Hammer holds a bachelor's degree in Communications and a master's degree in Media and New Technology from Boston University.

Ms. Hammer remarked: "With extensive distribution and strong on-air content, ShopNBC is perfectly positioned to grow its position in the world of TV retail entertainment. I look forward to working with John, the Board, and the rest of ShopNBC's leadership team to maximize the brand's potential and take it to new heights."

Mr. Patrick O. Kocsi is a Managing Director at GE Commercial Finance. Kocsi is responsible for finding private equity investment opportunities for GE Commercial Finance, evaluating, managing, and ultimately exiting these deals profitably. He joined GE in 1991 in the Financial Management Program in GE Plastics, working in Amsterdam, Bergen op Zoom, Paris, and in the U.S. In 1996, Kocsi joined GE Capital in business development, working on acquisitions in the US, Brazil, and Germany. In 1997, he moved to what is now known as GE Commercial Finance and began investing in industrial, media, transportation, as well as technology companies. Currently Kocsi oversees investments in media, communication & entertainment companies as well as security and sensing related technologies. He holds a bachelors degree in Finance from Boston University and a masters degree in International Relations from Tufts University. He is a board member or observer at SecureWorks, Summit Entertainment, Sierra Atlantic, Visionael, and Visionair, which are private companies in the GE Commercial Finance - Equity portfolio.

Mr. Kocsi stated, "ShopNBC has a unique set of assets and capabilities as an integrated, multi-platform TV shopping company. The senior leadership team is very capable and comprised of home shopping veterans. It's an exciting time in their history, and I look forward to being part of their bright future."

The ShopNBC Board of Directors is comprised of six Directors elected by the common stockholders and three directors elected by GE Commercial Finance and NBC Universal under the terms of the shareholders agreement among the Company, GE Commercial Finance, and NBC Universal.

About ShopNBC

ShopNBC reaches 70 million homes in the United States via cable affiliates and satellite: DISH Network channel 228 and DIRECTV channel 316. ShopNBC.com is recognized as a top e-commerce site. ShopNBC is owned and operated by ValueVision Media, Inc. (NASDAQ: VVTV). For more information, please visit www.ShopNBC.com.

Contact Information

  • Contacts:
    Frank Elsenbast
    Chief Financial Officer
    952-943-6516

    Anthony Giombetti
    Investor Relations
    763-496-1915