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Hedge Funds Plan Proxy Battle for ValueVision Media

NYTIMES – Two activist hedge funds, the Clinton Group and Cannell Capital, have joined forces to mount a proxy battle for control of the Internet and television shopping network ValueVision Media.

The Clinton Group, which manages $1.5 billion in assets, began publicly agitating for change last week, calling for the company’s chief executive and some of its board members to step down.

It plans to announce later on Monday that it has filed a request demanding a special meeting for shareholders, according to a person briefed on the firm’s plans.

The hedge fund is expected to propose a list of board candidates that includes Thomas D. Mottola, the former chairman and chief executive of Sony Music Entertainment, and Thomas D. Beers, the chief executive of FremantleMedia, the producer of “American Idol” and “The X Factor.”

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