I listen to discussions of synergy but I don't see it happening. Let's review the businesses. I thought the quarterly reports always said the high cost of cable access distribution was why TV never made any money. This has not been worked out for 5 years. Are they suddenly paying less? Has must carry or leased access worked? Without the MW credit card or name will the catalog succeed? Have catalog sales slumped recently? What does Tremendous Productions bring to the synergy? National Media needs another winner and one out of seven infomercials fail. There has not been any infomercial winners in over a year from any company. Didn't ValueVision try infomercials a couple of years ago? If National Media is dead, why not just hire some of their staff and grow a new business? What infrastructure is there? Who at ValueVision knows anything about European infomercial sales? ValueVision bought some small company in Boston. Have they been able to create any synergy there? Does ValueVision have open capacity in operations to absorb more or is the problem they have too much open capacity? Do they have the systems in place to effectively merge like functions and create the desired synergy? Does senior management have focus and vision? I realize everyone wants the stock to rise but this sounds more like wishfull thinking. Right now the money in the bank account is the company. Good luck to all of you, I'm out.
Let me start by agreeing with everyone that the merger and particularly the merger price made me run for the Pepto Bismal, rather than the nearest Porsche showroom. And I agree that to date management has been a disappointment. Nonetheless, rather than sell my shares, I've simply dispensed with the notion that this stock's a home rum and settled for a potential double (in baseball terms, not in stock price). VVTV's clearly undervalued based on assets. In addition, National Media has been turning it around more recently. T-Fal cookware has been selling great. I no longer think my original target of 7-8 is possible. Nonetheless, a five dollar stock still would represent a better return than I can find elsewhere at this point. By the way, "synergy" is business speak for "we have no idea where savings or new growth will appear but, gosh darn it, it's gotta be there somewhere." If it happens, they were right.