Shopping network operator ValueVision Media is acquiring
Minneapolis-based FanBuzz, a provider of private labeled
e-commerce technology to various sports, media, and entertainment brands.
Eden Prairie, Minn.-based ValueVision, which owns and operates TV shopping
network ShopNBC and Internet site ShopNBC.com, said FanBuzz will operate
independently as a wholly owned subsidiary. Financial terms were not
disclosed.
Privately held FanBuzz also offers call center solutions as well as
fulfillment outsourcing. Its clients include ESPN, CNN/Sports Illustrated,
the Salt Lake 2002 Olympic Winter Games, the Los Angeles Times, the Chicago
Bears, USA Hockey, and a variety of other professional sports teams, leagues,
and colleges.
FanBuzz co-founder Scott Killian will continue to head the operation. Killian
launched the company in 1996 from a spare bedroom in his apartment.
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"This deal signals significant revenue and marketing opportunities to
mutually drive both businesses," said Gene McCaffery, chairman and chief
executive of ValueVision Media.
"The acquisition of FanBuzz will be non-dilutive in fiscal 2002 and accretive
thereafter," said Dick Barnes, ValueVision COO and CFO, adding that
"...FanBuzz will bring more than $20 million in incremental revenue
annualized. At this time we are not adjusting our previously released
guidance for the current fiscal year, although it will certainly enhance the
likelihood we will meet or beat our revenue guidance."
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ValueVision has said it expects its consolidated net sales to rise 22 percent
in the fourth quarter, with Internet net sales up 44 percent year-over-year.
The company expects to report consolidated net sales of $136 million in the
fourth quarter, including $20 million in Internet sales.
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