ValueVision Media provides Second Quarter Update

Company on track to meet or exceed net sales and EBITDA guidance

Minneapolis, MN, June 17, 2002 - Today, the management of ValueVision Media (Nasdaq:VVTV) elected to provide interim second quarter performance comments as a result of their intention to share this information with shareholders at the company’s upcoming Annual Meeting in Minneapolis, MN. The second quarter ends July 31, 2002.

Underlying business fundamentals continue to improve for ValueVision Media. For the month of May, the company achieved better than 40% net shipped sales increase over the prior year period. June is also trending well. On Saturday, June 15, the company generated over $5 million in orders, the single largest day in its history. The significant number of new homes added over the past 12 months complemented by improving merchandise assortments are contributing to significant revenue and margin improvements. Based on the these sales trends and combined with gross margins in line with plan, management is confident the company will meet or exceed previously issued net sales guidance of $128 million to $133 million for the second quarter.

ValueVision Media operates in the rapidly growing converged world of television, the Internet, and e-commerce. In an effort to capitalize on this industry, ValueVision Media owns and operates a number of assets and is organized into five synergistic entities: ShopNBC, ShopNBC Interactive, Enhanced Broadcast Technologies, ValueVision Direct (a newly created direct response and infomercial business), and FanBuzz. GE Equity and NBC own approximately 40% of ValueVision Media. For more information, please see the company’s website at www.valuevisionmedia.com

This release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are accordingly subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein due to various important factors, including (but not limited to): consumer spending and debt levels; interest rates; competitive pressures on sales, pricing and gross profit margins; the level of cable distribution for the company’s programming and the fees associated therewith; the success of the company’s e-commerce and rebranding initiatives; the performance of its equity investments; the success of its strategic alliances and relationships; the performance of the Ralph Lauren Media venture; the ability of the company to manage its operating expenses successfully; risks associated with acquisitions; changes in governmental or regulatory requirements; litigation or governmental proceedings affecting the company’s operations; and the ability of the company to obtain and retain key executives and employees. More detailed information about those factors is set forth in the company’s filings with the Securities and Exchange Commission, including the company’s annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. The company is under no obligation (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

###

IRCE 2008 Conference Multi-Media CD-ROM