ValueVision network becomes ShopNBC

Home shopping network ValueVision will be renamed ShopNBC in June, said the company, which is 40% owned by NBC and GE. Last year, the companies said a rebranding was in the works to more closely reflect the cable shopping network's relationship with NBC. The shopping network is available in about 36 million cable television and satellite households, including DirecTV and Dish Network.

Separately, ValueVision reported fourth-quarter pretax operating income of $7 million, up 87%, on $13.4 million in revenue, a five-fold increase. For the year, pretax earnings were up 127%, to $20, on a 47% revenue gain, to $369 million. The company projects a 28% increase in revenue for fiscal 2001 with a 75% increase in pretax earnings.