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