January 10, 1994 |
Viacom and QVC Network executives, engaged in a high-stakes takeover battle for Paramount Communications, are expected to work the phones feverishly this week in all-out efforts to persuade investors of the merits of their respective offers. All eyes today will be on Wall Street's reaction to Viacom's extraordinary 11th-hour gambit Friday to merge with Blockbuster Entertainment, the home video retail giant, and sweeten the cash portion of its bid to $105 per share for 50.1% of Paramount's stock.
January 8, 1994 |
In a cliffhanger worthy of a Hollywood box office hit, Viacom Inc. and Blockbuster Entertainment Corp. agreed to merge Friday as part of an eleventh-hour gambit to derail a marriage between QVC Network and Paramount Communications Inc. Under the proposed merger--the result of marathon negotiations over the last three days--Viacom-Blockbuster said it will sweeten the cash portion of its bid to $105 a share, or a total of $6.5 billion, for 50.1% of Paramount's stock.
January 7, 1994 |
Viacom Inc. and Blockbuster Entertainment have entered into advanced merger discussions in hopes of topping QVC Network Inc.'s bid for Paramount Communications Inc., knowledgeable sources said Thursday. The talks mark a dramatic escalation in the five-month takeover battle for Paramount, which reaches a crucial stage today when rival tender offers are set to expire.
December 28, 1993 |
Nasdaq Denies Report of SEC Questioning on QVC: Officials of the over-the-counter stock market and QVC Network Inc. downplayed the report that Securities and Exchange Commission regulators sought information about a halt in the trading of QVC's stock last week. The halt came shortly before the home shopping company and Paramount Communications Inc. announced their planned merger.
December 24, 1993 |
By outward appearances, Paramount Pictures is a studio humming with activity this Christmas season. The Eddie Murphy action/comedy "Beverly Hills Cop III" will be wrapping soon and the Tom Clancy thriller "Clear and Present Danger" with Harrison Ford is well into its shooting schedule. Paul Newman, Jessica Tandy and Melanie Griffith are busy filming "Nobody's Fool" in New York state, while "Forest Gump," starring Tom Hanks, and "Lassie" starring, well, Lassie, recently wrapped.
December 23, 1993 |
Paramount Communications Inc. on Wednesday recommended to its shareholders a merger with QVC Network Inc. instead of its once-favored suitor, Viacom Inc., after a court-ordered reassessment of the two bids. While Viacom could still return with a higher offer, company Chairman Sumner M. Redstone on Wednesday said the price had already reached "Never Never Land." Redstone would not comment on speculation that the company was in financing discussions about boosting its bid.
December 22, 1993 |
The board of Paramount Communications recessed Tuesday without taking any action on rival bids from Viacom Inc. and QVC Network, leading some to speculate that the board is giving Viacom time to raise the ante. Sources hinted that Viacom Chairman Sumner Redstone is in discussions over a financing deal that could materialize later this week. One scenario involves Blockbuster Entertainment Corp., the giant video retailer which is seeking a greater role in software production and distribution.
December 22, 1993 |
Ruth Glass is a self-described "shop-till-you-drop" consumer who usually buys lots of products from Home Shopping Network throughout the year--until the holiday season, when she depends on conventional retailers. But Glass, who hasn't dropped, shopped via Home Shopping Network this December, purchasing "Trilliant cut cubic zirconia" earrings designed by actress Suzanne Somers late last week as a Christmas gift for a friend.
December 21, 1993 |
Paramount Communications began considering rival bids for the company Monday under a blanket of secrecy that was broken almost immediately by QVC Network, which published its offer late in the evening. QVC raised the cash portion of its tender offer by $2 to $92 per share for 51% of Paramount. QVC said Paramount has informed the home shopping network that its bid topped the proposal made by Viacom Inc., but Wall Street sources said they expect at least one more round of bidding, if not more.