FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Stewart Keith R 		2. Issuer Name and Ticker or Trading Symbol

VALUEVISION MEDIA INC [ VVTV ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
President & COO
(Last)          (First)          (Middle)

6740 SHADY OAK ROAD 		3. Date of Earliest Transaction (MM/DD/YYYY)

8/27/2008
(Street)

EDEN PRAIRIE, MN 55344
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   8/27/2008     A    217391   (1) A $2.30   217391   D    
Common Stock   8/27/2008     A    108696   (2) A $2.30   326087   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Common Stock (option to buy)   $2.30   8/27/2008     A     250000         (3) 8/25/2018   Common Stock   250000   $0.00   250000   D    
Common Stock (option to buy)   $6.00   8/27/2008     A     125000         (4) 8/25/2018   Common Stock   125000   $0.00   375000   D    
Common Stock (option to buy)   $7.00   8/27/2018     A     125000         (4) 8/25/2018   Common Stock   125000   $0.00   500000   D    

Explanation of Responses:
( 1)  Grant of restricted stock: shares vest as to 18,116 shares in 11 equal installments on the 22nd day of each month from September 2008 through July 2009, and as to 18,115 shares on August 22, 2009.
( 2)  Grant of restricted stock: shares vest on April 1, 2009 or earlier (on or after March 1, 2009) if the date for annual incentive bonuses for executive officers of ValueVision Media for fiscal 2008 has been determined.
( 3)  Option vests as to 62,500 shares on each of August 25, 2009, August 25, 2010, August 25, 2011, and August 25, 2012.
( 4)  Option vests as to 31,250 shares on each of August 25, 2009, August 25, 2010, August 25, 2011, and August 25, 2012.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Stewart Keith R
6740 SHADY OAK ROAD
EDEN PRAIRIE, MN 55344 		X
President & COO

Signatures
/s/ Nathan E. Fagre attorney-in-fact 8/28/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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