Exhibit 99.1

Valassis Announces Pricing of Convertible Senior Debt
Friday May 16, 9:57 am ET

LIVONIA, Mich., May 16 /PRNewswire-FirstCall/ -- Valassis (NYSE: VCI - News),
the leading company in marketing services and Connective Media(TM), announced
today that it established the terms of its 30-year convertible senior notes.
Valassis previously announced that it was offering the notes for sale to
qualified institutional investors through a private placement. The notes will be
sold for an issue price of $667.24 per $1,000 principal amount at maturity. The
issue price represents a yield to maturity of 1.625% per year.

Valassis will issue notes with an aggregate issue price of approximately $160
million (approximately $239.8 million aggregate principal amount at maturity).
Valassis will pay a cash coupon equal to the yield to maturity for the first
five years, at which time the notes will become zero coupon notes and accrete at
the stated yield to maturity. Valassis may call the notes in whole or in part on
or after May 22, 2008. Holders may require Valassis to repurchase the notes at
specified prices on the fifth, tenth, fifteenth, twentieth and twenty-fifth
anniversaries of the closing date of the notes. On any of these specified
anniversaries, Valassis may, at its option, pay the repurchase price in cash or
shares of Valassis common stock, or a combination thereof. The notes are
generally convertible at the option of the holders into 15.1627 shares of
Valassis common stock per $1,000 face amount of note (which represents a
conversion price of $44.01), subject to certain adjustments, with an additional
variable number of shares based upon the Valassis stock price and the date of
conversion. This conversion may take place in any given quarter provided that
the common stock has traded at or above 120% of the accreted conversion price.
The notes are also convertible under other certain circumstances.

If the trading price of the notes exceeds 120% of the accreted value in any six
month period after May 22, 2008, Valassis will pay holders contingent interest
in the subsequent six month period equal to 0.15% of the market value of the
notes.

As previously announced, Valassis intends to use the net proceeds of the
offering for general corporate purposes, including the potential repurchase of
the Company's outstanding debt.

Consummation of the sale of the notes is subject to customary closing
conditions, and there can be no assurance that the offering of the notes will be
consummated. Closing is scheduled for May 22, 2003.

About Valassis

Valassis offers a wide range of marketing services to consumer packaged goods
manufacturers, retailers, technology companies and other customers with
operations in the United States, Europe, Mexico and Canada. Valassis' Connective
Media(TM) portfolio includes: newspaper advertising & inserts, sampling, direct
mail, 1 to 1 marketing programs, coupon clearing and consulting and analytic
services. Valassis has been listed as one of Fortune magazine's "Best Companies
to Work for in America" for six consecutive years. Valassis subsidiaries and
investments include Valassis Canada, PreVision Marketing(R), LLC, Coupons, Inc.,
Promotion Watch, Valassis Relationship Marketing Systems, LLC and NCH Marketing
Services, Inc. For additional information, visit the company website at
http://www.valassis.com.

This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities. Any offers of the securities will be made
only by means of a private offering memorandum. The securities to be offered
will not be registered under the Securities Act of 1933, as amended, or
applicable state securities laws, and may not be offered or sold in the United
States absent registration under the Securities Act and applicable state
securities laws or available exemptions from such registration requirements.

Certain statements found in this document constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks and
uncertainties and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the following:
price competition from the Company's existing competitors; new competitors in
any of the Company's businesses; a shift in customer preference for different
promotional materials, strategies or coupon delivery methods; an unforeseen
increase in the Company's paper costs; economic disruptions caused by terrorist
activity, armed conflict or changes in general economic conditions; or changes
which affect the businesses of our customers and lead to reduced sales promotion
spending. The Company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise.