Financial Briefs

ValueVision Intl. Inc. has extended the expiration of its tender offer to acquire all outstanding shares of National Media Corp. to midnight EDT Friday. ValueVision and National Media signed a merger agreement, valued at more than $ 150 million, under which ValueVision will acquire all outstanding National Media common shares at $ 11.50 a share in cash. The tender offer was set to expire last week. The company said 10,512,184 shares had been tendered as of close of business Thursday. The company said these shares, together with the 1,152,000 shares owned by ValueVision, represent about 86% of National Media’s outstanding shares.

EZ Communications Inc. entered a definitive agreement with CLG Media of Seattle Inc. to purchase the assets of KZOK-FM in Seattle for $ 19.75 million. The company said the station provides a second FM station to operate in combination with KMPS AM/FM. The agreement is subject to FCC approval.

The boards of the E.W. Scripps Co. and Scripps Howard Broadcasting have approved a merger, the companies said Thursday. E.W. Scripps Co., a diversified media company, owns 86% of Scripps Howard Broadcasting. If shareholders approve the merger, holders of Scripps Howard Broadcasting stock would receive 3.45 shares of E.W. Scripps Co. Class A common stock for each share of Scripps Howard Broadcasting stock. The original proposal, announced Feb. 17, called for a 3-to- 1 exchange rate, spokesman Rich Boehne said. The E.W. Scripps Co. will issue nearly 5 million new shares of stock if the merger goes through. The E.W. Scripps Co. operates 19 daily newspapers, cable systems with 412,000 basic subscribers, a TV production company, and United Media, which syndicates and licenses news features and comics.

Goldman Sachs & Co. initiated investment coverage of Blockbuster Entertainment Corp. with a “trading buy” rating, according to market sources. The analyst who follows the stock at Goldman wasn’t immediately available for comment and further details weren’t disclosed.

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