NATIONAL MEDIA OKS BUYOUT BID

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MINNEAPOLIS-National Media Corp. has accepted a revised acquisition bid from ValueVision International, agreeing to a merger valued at more than $150 million.

ValueVision, a 3-year-old home shopping channel here that's available in 10 million households, earlier sought a merger with National Media, a major infomercial producer and distributor based in Philadelphia. National Media rejected the offer as inadequate, and ValueVision said it would pursue a hostile tender offer.

Industry observers say the now-amicable agreement allows the companies to take advantage of common ground the businesses share: selling merchandise through direct response TV.

Robert Johander, ValueVision chairman-ceo, said the company's TV production and telecommunications capabilities will fit well with National Media, which has expanded infomercial business overseas.

It's unclear what role, if any, National Media President John Turchi Jr. will have in the new organization. Buckeye Communications, New York, led by former National Media President Mark Hershhorn, has been hired to manage the company for a three-year period.

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