August 12, 1987
Thomas E. Freston has been appointed president and CEO of MTV Networks, New York. MTVN is a unit of Viacom International.
June 10, 1987
Shareholders in Viacom International, a communications and entertainment company headquartered in New York, will receive for each share a cash payment of $43.20; 0.30097 of a share of 15.5% preferred stock of Viacom Inc., having a liquidation preference of $25 per share and accruing dividends from May 1, and 20 cents of a share of common stock of Viacom Inc. The transaction involves 17.4% of common stock outstanding in Viacom Inc., a subsidiary of Dedham, Mass.-based National Amusements Inc.
June 3, 1987
Viacom International announced that the U.S. District Court for the Southern District of New York denied the motion by Carsey-Werner Co., the producers of "The Cosby Show," for, among other things, a temporary injunction to prevent the proposed merger of Viacom with a subsidiary of National Amusements. Viacom is a diversified communications and entertainment company with headquarters in New York.
March 13, 1987
The Carsey-Werner Co. said it filed a suit in U.S. District Court in Manhattan because it has failed to win assurances that it will be paid fees promptly by Viacom International, which owns the non-network distribution rights to the popular television show. Carsey-Werner, citing concerns that a pending Viacom buyout will result in $2.5 billion in new debt, said it wants the show's revenue placed beyond the reach of creditors. Viacom Senior Vice President Ronald Lightstone declined comment.
March 4, 1987
National Amusements Inc. raised the cash portion of its bid for Viacom International to $42.75 a share from $42 a share in a bid made Sunday. The preferred stock portion was raised to $7.75 from $7.50. Meanwhile, Oppenheimer & Co. said it has accumulated 7% of Viacom's stock. But Oppenheimer said in a filing with the SEC that the purchases were solely for arbitrage purposes and that it has no interest in gaining control of the entertainment and communications firm.