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VALUEVISION AND NBC TO REBRAND HOME SHOPPING CHANNEL AND WEB SITE
The ValueVision Network and Companion Internet Site to be Rebranded
With NBC-Branded Name
Network's Short Term Plan to Aggressively Pursue Additional Vendor
Air-Time Sales
MINNEAPOLIS - NOVEMBER 21, 2000 -VALUEVISION INTERNATIONAL, INC. (NASDAQ: VVTV),
a leading national home shopping network, today announced that it has entered
into a licensing agreement with NBC to rebrand the ValueVision Network and its
companion Internet site (www.vvtv.com) with an NBC-branded name.
Under the terms of the agreement, NBC will grant ValueVision worldwide use of an
NBC-branded name and the Peacock image for 10 years. The new name will be
unveiled as part of a wide-ranging marketing campaign that will launch in spring
2001.
As part of the rebranding agreement, NBC and ValueVision have agreed to explore
further joint opportunities, including promotional related services and
merchandising opportunities, as well as promotional coordination and planning
between NBC and the rebranded network.
Leveraging NBC resources and the new name of the rebranded ValueVision Network,
short-term plans for the network include an aggressive vendor air-time
programming sales effort from ValueVision's Senior Vice President of Sales Roy
Seinfeld and his sales force. Mr. Seinfeld is a seasoned network sales executive
who recently joined ValueVision from Fox Sports, where he served as Vice
President of Network Ad Sales. With additional vendor programming sales as one
of ValueVision's highest priorities, he will focus on a target audience of
branded cataloguers, retailers, and manufacturers.
"We are delighted to extend our existing relationship with ValueVision through
this strategic partnership and look forward to welcoming them as a branded
member of the NBC family," said Mark Begor, CFO and President, NBC Business
Development and Interactive Media. "This agreement clearly demonstrates our
commitment to supporting ValueVision's continued growth and success, and we look
forward to sharing in the development of future opportunities together."
"We are extremely excited about this announcement," said Gene McCaffery,
Chairman and Chief Executive Officer of ValueVision. "The new NBC-branded name
will not only bring immediate brand recognition for all of our television
consumers and potential vendor air-time partners, but also increase our
visibility and value in the financial community. Ultimately, the rebranding is
intended to leverage the strength of the NBC brand, positioning our company as a
growing force in the home shopping industry and at the forefront of TV-Internet
convergence."
ABOUT VALUEVISION INTERNATIONAL
ValueVision International, Inc. is a cable and satellite broadcasting company
that owns and
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operates a leading national home shopping network, ValueVision TV. ValueVision
also provides corporate Internet services for its strategic partners, such as
webcasting, fulfillment, order processing, and customer service. ValueVision
offers live programming 24 hours a day, 365 days a year. As of July 31, 2000,
approximately 36 million homes are able to receive the Company's programming on
either a full- or part-time basis. Additionally, the programming appears live on
the Company's Web site via webcasting. ValueVision is approximately 44% owned by
GE Equity and NBC. For more information, please see the Company's Web site
(vvtv.com).
VALUEVISION INTERNATIONAL SAFE HARBOR
The Private Securities Litigation Reform Act of 1995 provides a "Safe Harbor"
for forward-looking statements. Certain information included in this news
release contains statements that are forward-looking such as statements relating
to increased revenue and subscriber distribution, the Company's future
profitability, entrance into e-commerce, the success of the Company's Internet
initiatives, the timing of relaunching the network, the success of the Ralph
Lauren Media joint venture, and the continuing success in developing and
executing against new strategic alliances (including the GE Equity, NBC, and
Ralph Lauren Media alliances) and relationships (including the Yahoo!
relationship). There are certain important factors, such as consumer spending
and debt levels, interest rates, competitive pressure on sales and pricing, and
the maintenance of distribution of the Company's programming that could cause
results to differ materially from those forward-looking statements. Investors
are cautioned that all forward-looking statements involve risks and uncertainty,
including the possibility that revenues and cable distribution will not
continually increase, that gross profit margins will decrease, that e-commerce
and the Company's rebranding will not be successful, the successful performance
of its equity investments, and other strategic alliances (including the GE
Equity, NBC and Ralph Lauren Media alliances) and relationships (including the
Yahoo! relationship) may not result in increased revenues, earnings, or
subscribers. For more information on the potential factors that could affect the
Company's financial results, investors should refer to the Company's recent
filings with the Securities and Exchange Commission, including the Company's
annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports
on Form 8-K.
