August 03, 1999 07:17
Stuart Goldfarb Named Vice Chairman, ValueVision
International, Inc.
NBC Executive to Drive Future Growth of Company, 39.9% Owned by NBC and GE Equity
MINNEAPOLIS, Aug. 3 /PRNewswire/ -- ValueVision International, Inc. (Nasdaq: VVTV) today announced that Stuart Goldfarb, Executive Vice President and Managing Director, Worldwide Business Development, NBC, has been named Vice Chairman of ValueVision International, Inc. Gene McCaffery, Chairman, President and Chief Executive Officer of ValueVision International, Inc. made the announcement.
(Photo: newscom.com )
As Vice Chairman, Goldfarb will be responsible for pursuing a series of new e-commerce, programming and investment initiatives, as well as managing the Company's strategic alliance with NBC and GE Equity, which together own 39.9% of ValueVision. Goldfarb will also take a leadership role in working with NBC's cable distribution group to increase the cable carriage of ValueVision's home shopping channel, which presently reaches over 29 million full-time equivalent
homes. Goldfarb will remain with NBC through a transitional period before formally joining ValueVision.
"ValueVision continues to build a team of leaders with the vision and skills to produce exceptional financial and operational results for the company and for our shareholders," said Gene McCaffery, Chairman, President and Chief Executive Officer of ValueVision International, Inc. "Stuart's experience with NBC and GE will help us most effectively leverage their broad resources as we dramatically expand
the Company's cable distribution and Internet/TV related programming. His superb deal-making skills will be invaluable in enabling ValueVision to utilize its strong balance sheet, with virtually no debt and over $300 million in liquid assets, to make strategic investments in Internet and e-commerce companies. His experience with
a broadcast network will also be invaluable as we enhance our on-air presence with new and innovative programming," said McCaffery.
"Stuart has done a phenomenal job in developing and managing NBC's
partnerships with some of the top news and entertainment brands around the world. ValueVision is gaining an exceptional executive with the vision to help continue that company's growth," said Bob Wright, President and CEO, NBC.
Added Tom Rogers, President NBC Cable and Executive Vice President, NBC, "Stuart has played a pivotal role for NBC in developing, overseeing, and helping to operate new businesses, both domestically and internationally. As NBC continues to help ValueVision grow its distribution and explore new business opportunities, we look to Stuart to develop innovative new initiatives and partnerships for the
company."
As NBC's Executive Vice President and Managing Director of Worldwide Business Development, Goldfarb was responsible for coordinating much of NBC's U.S. and international business development activities. He was a principal architect of NBC's strategic alliances with ValueVision, Dow Jones & Company, and National Geographic. He has served as Chairman of National Geographic Channel and on the Board of Directors of CNBC International.
Goldfarb joined NBC in 1995 from Communications Equity Associates, where he had been Managing Director, Asia Pacific Region. At CEA, he focused on international transactions in the Asian-Pacific region and in Europe. Before joining CEA, Goldfarb was president of Heartland Ventures Inc. (1988-92), a media consulting and investment firm which provided consulting services to clients in the United States and Europe, and which invested in cable television systems and newspapers. Goldfarb was previously vice president, co-founder and principal of
James Communications Inc., a cable television operator serving approximately 95,000 subscribers, from 1986 until the sale of the company in 1987.
From 1984 to 1986, Goldfarb was responsible for all legal, regulatory, administrative and governmental affairs for the Cable Television Division of Capital Cities Communications, Inc., which owned 55 cable systems serving 380,000 subscribers. Formerly, Goldfarb was associated with Fly, Schuebruk, Gaguine, Boros, Schulkind and Braun, a communications law firm now merged with Rosenman and Colin.
Goldfarb served as law clerk to Hon. A. Simon Chrein of the United States District Court, Eastern District of New York, from 1980 to 1981.
About ValueVision:
ValueVision International, Inc. is an integrated electronic and print media direct marketing company, and operates a television home-shopping network and multi-book catalog operation. The Company offers live programming 24 hours per day, 7 days a week. As of July 31, 1999, approximately 29 million homes were able to receive ValueVision's programming. In addition, the Company operates
several direct mail operations and an Internet shopping Web site
( www.vvtv.com ). The Company's shares are traded on the Nasdaq Stock Market under the symbol VVTV.
For additional information on ValueVision please visit the Company's web site at vvtv.com or by fax, at no cost, dial 1-800-PRO-INFO, and enter code VVTV.
(Note: 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 distribution of the Company's programming, the Company's future
profitability, entrance into e-commerce, and the continuing success in developing
and implementing new strategic alliances (including the GE Equity and NBC
alliance.) There are certain important factors, such as consumer spending and debt
levels, interest rates, competitive pressure on sales and pricing, 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 distribution will not continue to increase, that e-commerce will
not be successful, that other strategic alliances (including the GE Equity and NBC
alliance) may not result in increased revenues, earnings and subscribers. For more
information on the potential factors that could affect the Company's financial
results, investors should refer to the Company's filings with the Securities and
Exchange Commission.
SOURCE ValueVision International, Inc.
/CONTACT: Gene McCaffery, Chairman, President and CEO of ValueVision
International, 612-947-5207; or General, Haris Tajyar, 310-442-0599, Investor,
Tracy Gutwillig, 312-266-7800, or Media, Marjorie Ornston, 310-442-0599, all
of The Financial Relations Board/
/Photo: newscom.com
PR Newswire Photo Desk, 888-776-6555 or 201-369-3467/
/Web site: vvtv.com /
(VVTV)
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