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ValueVision to sell Washington, D.C. television station to Paxson Communications.

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Nov. 22, 1996-- ValueVision International Inc. (NASDAQ:VVTV), the nation's third largest television home shopping network and Paxson Communications Corp. (ASE:PXN), the nation's largest owner and operator of broadcast television stations, jointly announced Friday 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 Corp.

Paxson Communications Corp. will pay an additional $10 million to ValueVision International Inc. in the event the US 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 sheet 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 US television households."

For further information on ValueVision International Inc. at no cost, call 1-800-PRO-INFO, code no.150. For further information on Paxson Communications Corp., please contact Seth A. Grossman, director of finance: Phone 561/659-4122; Fax: 561/659-4252; http://www.paxson.com. -0-

NOTE TO EDITORS: In the World Wide Web address noted in this news release, there is a double slash between http: and www.paxson.com. These symbols may not appear properly in some systems.

CONTACT: Paxson Communications Corp., West Palm Beach

Seth A. Grossman, Director of Finance

561/659-4122, Fax: 561/659-4252

http://www.paxson.com
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Publication:Business Wire
Date:Nov 22, 1996
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