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ValueVision to Sell Washington, D.C., Television Station to Paxson Communications

MINNEAPOLIS, Nov. 22 /PRNewswire/ -- ValueVision International, Inc. (Nasdaq: VVTV), the nation's third-largest television home-shopping network, and Paxson Communications Corporation (AMEX: PXN), the nation's largest owner and operator of broadcast television stations, jointly announced today that they have reached an agreement on ValueVision International, Inc.'s sale of WVVI TV-66, serving the Washington, D.C., market, for $30 million to Paxson Communications Corporation.

Paxson Communications Corporation will pay an additional $10 million to ValueVision International, Inc., in the event the U.S. Supreme Court upholds the "must-carry" provision of the 1992 Cable Act. This transaction, which is subject to regulatory approval, is expected to close by the end of the second calendar quarter of fiscal 1997.

Robert L. Johander, Chairman and CEO of ValueVision International, Inc., said, "The proceeds from this agreement will give us a hedge on the must-carry decision and considerably greater financial flexibility to take advantage of opportunities for growth. We intend to maintain a strong balance street so we can move quickly and decisively when opportunities arise." Commenting on the announced transaction, Chairman Lowell "Bud" Paxson said: "The Washington, D.C., market, which is served by WVVI TV-66, will bring the nation's seventh largest market into the inTV Network and will serve approximately 1.9 million U.S. television households."

For further information on ValueVision International, Inc., at no cost, call 1-800-PROINFO, code #158. For further information on Paxson Communications Corporation, please contact Seth A. Grossman, Director of Finance: Phone 561-659-4122; Fax 561-659-4252;

SOURCE ValueVision International, Inc.
 -0- 11/22/96

/CONTACT: Stuart Romenesko, CFO of ValueVision, 612-947-5207; or Daniel Saks or Art Bentley, General Info, 310-442-0599, or Suzy Lynde, Analyst, 312-266-7800, or Steven Seiler, Media, 310-442-0599, all of Financial Relations Board/


CO: ValueVision International, Inc.; Paxson Communications Corp. ST: Minnesota IN: TLS SU:

SK-DP -- LAF034 -- 5888 11/22/96 13:29 EST
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Publication:PR Newswire
Date:Nov 22, 1996
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