P. M. BRIEFING : J2 to Acquire National Lampoon

National Lampoon Inc., the magazine publisher and movie producer, has agreed to be acquired by J2 Communications in a stock swap valued at approximately $4.67 million, the companies announced today.

J2, a home video producer and distributor, will exchange two-thirds of a share of its common stock plus a warrant expected to be worth $1 for each share of National Lampoon stock, the companies said in a statement.

Actor Tim Matheson and his business partner, Daniel Grodnik, who acquired a controlling stake in National Lampoon last year, will continue to run the company as a division of J2.

James P. Jimirro, J2’s president and chief executive, said the acquisition will give National Lampoon, which has been losing money, capital for its publishing and movie projects.