It's over. We know that now. Not "if" but "when" or most optimistically "who" would buy them.
Most likely nobody is bailing out this mess - just too much debt.
Project Athens came. Project Athens went. Let's look at the results:
- 16 straight quarters of negative revenue growth. The rate of loss is even picking up after showing signs it might be abating.
- 3.2 million customers lost.
- The only two quarters that saw OIBDA increases were early in 2024 against two horrendous quarters in 2023. There has been no sustained improvement in cash flow.
The debt situation has materially improved - but you can't have a store that nobody comes to and expect to make money.
So they're going to stream now? OK, good. It was a much better idea in 2019 but whatever. It's not going to make up the revenue gap.
The last two quarters dismal results were blamed on....you won't believe this...stuff happening in the world. The election and the Olympics. That's literally what the CEO says at the earnings call. To paraphrase: "We didn't sell our overpriced stuff because Trump got shot and Kamala entered the race. Oh, and Steph balled out against France - so people weren't buying from QVC"
Project Athens starts: 400 people laid off.
Project Athens ends: 900 more people laid off.
QVCGA is a great group of people. It is also about to go the way of Blockbuster and Kodak - a company that didn't adapt to the times until it was way too late.