About a month after saying it would sell its stake in home shopping channel ShopNBC, NBC Universal has changed its mind.
NBC Universal, in the middle of regulatory approvals for its $30 billion joint venture with Comcast, said in May it would sell its 6.5 million shares (19.8%) in ShopNBC, severing a relationship that began in 1999. But on Thursday, citing adverse market conditions, ShopNBC said in a terse statement that NBCU decided not to sell the shares "at this time due to prevailing prices."
ShopNBC, officially known as ValueVision Media, has traded in the $1 to $4 range for the past six months. However, the stock most recently has traded in the $1-$2 per share range - it closed at $1.90 each on Thursday, up 17 cents per share.
Back in May, ShopNBC said it was planning to drop the NBC moniker and rebrand the channel, which should be completed during the first quarter of 2011. While it still has the right to carry the NBC name until May 2011, ShopNBC CEO Keith Stewart said the company had already selected a "short list" of names.
ShopNBC spokesman Anthony Giombetti said that despite the most recent development, ShopNBC's rebranding plans are on schedule.
The smarter way to stay on top of the multichannel video marketplace. Sign up below.
Thank you for signing up to Multichannel News. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.