Unwanted and Under Seige, ShopNBC Carries On…

ShopNBC spent the past six months pitching itself to prospective buyers at the insistance of irate shareholders, but no one submitted a final bid.  The company will put its nose to the grindstone and try to improve its performance in the midst of the worsening recession, although now under the leadership of  Keith Stewart, the company’s chief operating officer and a former QVC executive. He replaced John Buck as CEO yesterday.Among the new strategies Stewart may implement in hopes of a turnaround is reducing costs by cutting the company’s cable- and satellite-transmission fees, although this will also reduce potential customers.  ShopNBC also reported that revenue for the fourth quarter, ending this Saturday, is expected to drop by 35 percent from a year ago to $142 million.  The fourth-quarter loss will widen to $40 million in 2008 from $1 million in 2007.  Dow Jones Newswires on CNNMoney.com St. Paul Pioneer Press (MN) Seeking Alpha Q4 2008 Earnings Call Transcript on SeekingAlpha.com Q4 2008 Earnings Call Press Release ShopNBC Press Release about Conclusion of Strategic Review Jan. 27, 2009