ValueVision International Inc., Minneapolis, sold two television stations in Houston, TX, for $28 million. The home shopping network said in a statement that it plans to use the profits to expand.
KVVV-TV, Channel 57, and K53FV, were sold to Pappas Telecasting Companies, Visalia, CA.
The transaction gives ValueVision nearly $290 million in cash, which will be used to launch SnapTV and SnapTV.com (with NBC Internet), to pursue potential acquisitions, and to seek additional strategic alliances. The transaction also gives ValueVision a pretax gain of $22 million in it third quarter ending October 31, 1999.
Network
