Word: paramount
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Dates: during 1990-1999
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...possible answer is that Redstone and his advisers believe that shareholders will not only appreciate the larger cash component of their offering but will also be swayed by future profit possibilities. Some analysts maintain that Redstone's combination will indeed offer far more synergy than QVC and Paramount. Says Chris Dixon, an analyst at Paine Webber: "It's hard to imagine what business opportunities exist between QVC and Paramount that can match Viacom, Blockbuster and Paramount...
Either way, the eventual winner of Paramount will probably have paid an astonishingly high "ego premium" to secure the prize. That premium has been variously estimated at somewhere between $1 billion and $2 billion more than Paramount is really worth...
...outright victory for the home- shopping channel, "Diller will not lose any sleep over this new bid," says analyst Logsdon. If Diller does not alter his own bid (most observers believe he will not) and Viacom fails to sweeten its package by early next week, then it remains for Paramount's shareholders to vote with their shares of stock. Though QVC and its advisers radiated confidence at the end of last week, they were not above taking out a little insurance, hinting that they may challenge Viacom's move in court. "The new Viacom offer violates the bidding procedures agreed...
...produce a bid that is not even as strong as its own last bid, then Redstone has made a massive miscalculation. In any case, it seems that the battle is close to being decided by the people who are supposed to make such decisions in the first place: Paramount's shareholders...
Which is why so many current business stories, especially those involving glamorous, huckstery businesses -- that is, information superhighway businesses -- are providing such extensive pleasure. In the just completed fight over the right to televise professional football games, and in the interminable fight for control of Paramount Communications, it doesn't require much contrarianism to see the nominal winner in each instance as the ultimate loser...