On January 24, 2014, ValueVision Media Inc. announced that a representative of the Company formally advised a representative of the Clinton Group that the Company was not interested in discussing the settlement proposal with them. In addition, the Company reported that on January 10, 2014, the Company called the Clinton Group to discuss the special meeting and suggested that, in order to save the costs and expenses of calling a special meeting (among other reasons), the Clinton Group consider a settlement in which two mutually acceptable individuals would be added to the Board. Further, the Company reported that the Clinton Group responded that it was not interested in discussing this proposal.

In addition, the Company reported that, on January 16, 2014, the Shareholder Group called the Company to suggest a possible settlement in which the Company would agree to explore strategic alternatives, as well as add an unspecified number of directors to the Board.