MINNEAPOLIS, May 21 -- ShopNBC, the nation's fastest growing shopping network, today announced a strategic commerce initiative with America Online, Inc., that will leverage the online and media assets of both companies to offer compelling values to online consumers. ShopNBC is owned and operated by ValueVision Media (Nasdaq: VVTV - News).

As part of the initiative, ShopNBC will become one of the first retail participants in AOL's newly expanded "AOL Deal of the Day" program, which reaches AOL's tens of millions of members. ShopNBC merchandise will also be promoted on the AOL Service through Shop@AOL in the categories of jewelry, watches, and computers. In addition, AOL will be promoted as ShopNBC's preferred Internet service provider on certain computers marketed through ShopNBC sales channels which include the ShopNBC web site, call centers and computer show cable television broadcasts, which generated sales of nearly $100 million in 2001. Finally, ShopNBC will host "The AOL Shopping Hour" which will provide an opportunity for key AOL merchants to increase their marketing and distribution to over 52 million homes. These new vendor programs will appear on ShopNBC later this year.

"Our association with AOL and its millions of members represents a great opportunity for us because of its broad consumer reach and reputation as a leading shopping destination in cyberspace," said John Ryan, EVP of Entertainment for ShopNBC. "It will significantly heighten our brand awareness, leading to new customers and incremental sales. It also marks the beginning of a mutually beneficial relationship, which may lead to other exciting commerce opportunities."

Adds Roy Seinfeld, Senior Vice President of ShopNBC Programming Sales, "We are looking forward to expanding ShopNBC's programming and product offering by working with a number of nationally recognized AOL merchants on upcoming vendor shows. There is tremendous upside for both companies and each other's customer base."

Patrick Gates, Senior Vice President of Commerce at America Online, Inc., said, "We're pleased to feature ShopNBC as a key partner for "AOL Deal of the Day" program and on the Shop@AOL platform. ShopNBC has built an impressive business in the direct merchandising category and we're looking forward to working with them for the benefit of our members and merchant partners."

ShopNBC is the nation's fastest growing shopping network that is owned and operated by ValueVision Media (Nasdaq: VVTV - News). As of January 31, 2002, ShopNBC reached about 52 million cable and satellite households (DirecTV Channel 370, Dish Network Channel 228). ShopNBC is broadcast 24 hours a day, 365 days a year, and is simulcast live on the Web at ShopNBC.com. GE Equity and NBC own approximately 40 percent of ValueVision Media.