ValueVision Media Inc., which owns and operates ShopNBC.com, has closed down FanBuzz.com, another business unit that provided e-commerce services to professional sports teams, media and entertainment companies.
The company made the announcement in its recently released third quarter earnings report, but began consolidating and closing down FanBuzz earlier this year after the National Hockey League and several other clients decided not to renew their contracts. “The decision to wind down FanBuzz was made after continued operating losses were experienced following the loss of its National Hockey League contract in September 2004 and after a number of other FanBuzz customers notified the company in the first quarter of fiscal 2005 that they had elected not to renew the term of their e-commerce services agreements,” ValueVision says in its Q2 report filed with the Securities and Exchange Commission.
At one point FanBuzz provided private label e-commerce programs for various sports, media, entertainment and licensed character properties, including The Weather Channel, ESPN, Boston Celtics, Elvis Presley and Peanuts. FanBuzz provided services such as web site development, back-end fulfillment and customer service.
Annual sales for FanBuzz were approximately $26 million in fiscal 2004 and fiscal 2003, according to ValueVision.
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