Yes, It's coming to dvd. Here is a cover picture.
http://davisdvd.com/images/covers_big/theposeidonadventure.jpg
Hallmark Entertainment's recent production of The Poseidon Adventure, which aired on NBC last weekend, will be released onto DVD on February 7th, 2006. This remake of the 1972 Irwin Allen blockbuster stars Adam Baldwin, Steve Guttenberg, Rutger Hauer, C. Thomas Howell and Peter Weller. The DVD from Echo Bridge Home Entertainment will be available in separate anamorphic widescreen and fullscreen editions and will retail $24.99. There don't seem to be any extras.
From DAVISDVD.COM.
http://www.petitiononline.com/WBMC9389/petition.html