News Corp. announced on Saturday that it had hit a 500-million-dollar settlement deal over lawsuits filed by Valassis Communications Inc. 

A federal case filed by Valassis Communications Inc against News Corp.’s News America Marketing unit had been scheduled to open in Michigan on Tuesday.

News Corp., the owner of the Wall Street Journal, said the 500-million-dollar settlement deal covered the 300-million-dollar jury award in July by a Michigan circuit court and the federal and California cases.

Michigan-based Valassis, the newspaper coupon and direct mail firm, had initiated a legal action against the company earlier in 2006, accusing News America Marketing of unfair business practices. 

In the after-hours trading, shares in News Corp. gained 9 cents to 12.61 dollars, while Valassis shares jumped 40 cents to 20.93 dollars.