Viacom International Inc

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.

Viacom International Inc.'s MTV Networks is suing News Corp. and its Fox Kids Worldwide unit, claiming they illegally hired Richard Cronin, senior vice president of MTV. The suit, filed Friday in New York State Supreme Court in Manhattan, also names Cronin as a defendant. It says Cronin broke his contract calling for him to stay at MTV Networks until June 30, 1998. Fox said last week that it had hired Cronin as chief executive of its Fox Kids network and the Family Channel.

Viacom Wins Cable Access Suit: Viacom International Inc.'s cable channels will have greater exposure on cable systems owned by Time Warner Inc. under settlement terms ending a three-year, $2.4-billion suit. After years of acrimony and millions spent in legal fees, the victory gives Viacom's Showtime and its sister network, the Movie Channel, access to more homes on Time Warner cable systems. With a total of about 6.

Venture Seeks to Tie Personal Computers to Cable TV: Intel Corp. has reached agreements with several major on-line service providers, including Prodigy Services, News Electronic Data and America Online, to deliver interactive services for personal computers via cable. Intel and General Instrument Corp. have been working with Comcast Corp. and Viacom International Inc. to offer high-speed access to services such as the Internet, home shopping and electronic news.

Viacom International Inc.'s MTV Networks is suing News Corp. and its Fox Kids Worldwide unit, claiming they illegally hired Richard Cronin, senior vice president of MTV. The suit, filed Friday in New York State Supreme Court in Manhattan, also names Cronin as a defendant. It says Cronin broke his contract calling for him to stay at MTV Networks until June 30, 1998. Fox said last week that it had hired Cronin as chief executive of its Fox Kids network and the Family Channel.

Venture Seeks to Tie Personal Computers to Cable TV: Intel Corp. has reached agreements with several major on-line service providers, including Prodigy Services, News Electronic Data and America Online, to deliver interactive services for personal computers via cable. Intel and General Instrument Corp. have been working with Comcast Corp. and Viacom International Inc. to offer high-speed access to services such as the Internet, home shopping and electronic news.

IBM is discussing linkups with the nation's largest cable TV operators as part of the computer maker's plan to provide two-way television services, industry executives close to the talks said Friday. IBM is in discussions with Tele-Communications Inc., the nation's biggest cable system operator, Continental Cablevision Inc., the third largest, and Viacom International Inc., another major operator, the executives said, speaking on condition of anonymity.

Viacom International Inc. said Thursday that it has reached a watershed in its financial health with a debt restructuring that gives it more money, lower interest costs and fewer restrictions. Viacom International owns MTV, Showtime, the Movie Channel and distribution rights to "The Cosby Show," "Roseanne" and "A Different World" as well as 14 cable-TV systems, five television stations and eight radio stations. Viacom is 83% owned by National Amusements Inc.

For the third time in five years, the popular Los Angeles radio station KJOI-FM is changing hands, this time with a sale to Viacom International Inc., which owns nine other radio stations and recently announced plans to acquire two more in San Francisco. In its announcement late Thursday, Viacom said it has agreed to acquire KJOI and two Denver stations owned by Command Communications for $101.5 million.

In the labyrinth of criminal activity alleged by federal prosecutors, "junk bond" king Michael Milken nearly always dealt with a third party such as speculator Ivan F. Boesky or the investment firm Princeton/Newport Partners to manipulate stock markets or to profit from inside trades. The government identified only two instances of straight insider trading, in which Milken and other unidentified employees of Drexel Burnham Lambert Inc.

Bolstered in its bid to buy Paramount Communications Inc. by a $600-million investment from video giant Blockbuster Entertainment, Viacom Inc. was actively negotiating with other potential investors Wednesday. Intense discussions were under way with media giant Cox Enterprises and Southwestern Bell Corp., a regional telephone company. Separately, sources confirmed that NYNEX Corp., the New York area phone company, is also a possible investor.

Blockbuster Entertainment Corp. has agreed to invest $600 million in Viacom Inc. in a move certain to shore up Viacom's bidding power for Paramount Communications Inc., sources said Tuesday. And Cox Enterprises is in advanced discussions with regional phone companies--predominantly Southwestern Bell--about an additional $600-million investment. Viacom could use the $1.2 billion in cash to sweeten its $7.

If you're a Paramount Communications shareholder caught up in the bidding contest for your company, do keep in mind that you're buying, not selling. Whether Sumner Redstone's Viacom or Barry Diller's QVC Network wins your company, they will pay you mostly in their company's stock. And the price they're offering--roughly $83.

The drama over Paramount Communications Inc. took a new turn Monday, as Viacom Chairman Sumner Redstone said he will make another strategic move within days and the Paramount board continued to hold QVC at bay over the issue of financing. Redstone's comments came as he and Paramount Chairman Martin S. Davis intensified the defense of their friendly deal against QVC's challenge. "In the next 72 hours, we expect some of our plans to become evident," the Viacom chief said. He refused to elaborate.

For people watching the Paramount Communications circus, one of the best sideshows is the battle of the investment banking stars. It's got chills (reputations are on the line), thrills (what's the strategy?) and even some well-known animal acts (names withheld for obvious reasons). Representing Paramount are Felix G. Rohatyn and Steven Rattner of Lazard Freres & Co. Viacom's friendly bid is being handled by Smith Barney Shearson's Robert Greenhill and Bear Stearns' Alan (Ace) Greenberg.

Sumner Redstone is usually the guy who picks the fight. This time, the combative Viacom Inc. Chairman is on unfamiliar, defensive ground as he attempts to preserve the merger deal he struck two weeks ago to acquire Paramount Comunications Inc. To his dismay, his old friend Barry Diller mounted a rival bid last week that threatens to turn into a rout.

Negotiations between Viacom International Inc. and Time Warner Inc. to merge their two fledgling cable comedy networks have stalled while both companies are finding that local cable systems are reluctant to carry the networks. Although officials at Viacom and Time Warner said a merger of the two cable networks is still possible, both sides admit that the talks are deadlocked and the prospect for a quick resolution is unlikely.

Buoyed by a warm Wall Street reaction to their weekend merger agreement, Viacom Chairman Sumner Redstone and Paramount boss Martin S. Davis were all smiles at a news conference here Monday, promising that no one--not even cable mogul John Malone--will disrupt their union. Redstone, waxing euphoric over a deal that will leave him with extraordinary control over an $18-billion entertainment conglomerate, declared: "This marriage will never be torn asunder. Martin and I guarantee that." Viacom Inc.

Viacom Inc. and Paramount Communications Inc. solemnized their vows Sunday, with the two boards approving a merger agreement that gives Viacom Chairman Sumner M. Redstone an astounding 69% of the voting stock: a degree of control seemingly unparalleled for a publicly held entertainment conglomerate. The deal ends a remarkable four-year saga that began with Paramount in the driver's seat, but ended quite differently.