NEW YORK: Joele Frank, Wilkinson Brimmer Katcher is handling Internet and TV shopping network ValueVision Media's communications during its proxy battle with activist hedge funds Cannell Capital and the Clinton Group, confirmed Jed Repko, MD at the firm.
The Clinton Group, which manages $1.5 billion in assets, has publicly called for ValueVision CEO Keith Stewart and board members including chairman Randy Ronning to resign due to missed targets and lagging revenue.
On Monday, Clinton Group filed a request for a special shareholders' meeting in documents filed with the Securities and Exchange Commission. Ronning responded that the hedge fund should withdraw its meeting request, which would “needlessly distract” management, until the end of the holiday season.
The hedge fund has proposed former Sony Music Entertainment chairman and CEO Thomas Mottola and Fremantle Media CEO Thomas Beers as replacements on the board.
Joele Frank declined comment about the firm's media relations plan or how it will communicate with stakeholders and investors. ValueVision has been in talks with the hedge funds since September.
More than 86 million viewers receive ValueVision's network, while competitor Home Shopping Network has 95 million viewers.
ValueVision is transitioning its consumer brand to ShopHQ from ShopNBC through the rest of this fiscal year.
The company is planning to release its third-quarter results on November 20.