Word: paramount
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Dates: during 1990-1999
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Sumner Redstone, a man who does not easily toss in his cards, was determined not to be shunted aside in the bidding war for Paramount Communications last week. As the clock ticked down toward a Friday-midnight deadline for new bids, Wall Street was wondering whether Viacom Inc.'s chairman would be able to pull a last-minute rabbit out of his hat. Unknown to most analysts and investors, a team of investment advisers and lawyers was secretly huddled at the Ritz Carlton hotel in New York City negotiating a blockbuster of a deal that would help Viacom beat...
...merger also gave Redstone extra cash, which he had been desperately seeking, to use in the battle for control of Paramount. Reinforced by Blockbuster's huge cash hoard and rock-solid balance sheets, he immediately upped his offer for Paramount by $1.2 billion. "It may not be the knockout blow," said an obviously pleased Redstone, "but from our standpoint it is an extremely dramatic coup." Both Redstone and Huizenga insisted that the merger had been in the works for months and would go forward whether or not the company gained control of Paramount...
...produced a bid that was considered by many analysts to be not only anticlimactic but also inferior to Diller's current offer. Though the offer is a complex blend of stock and cash, the estimated value of the Viacom-Blockbuster package is around $79 for each share of Paramount stock, in contrast to QVC's $82 a share. The main difference between the two bids -- and what Redstone is counting on to make his offer more attractive -- is that Redstone's package contains slightly more cash than stock...
...Despite the questions swirling around the merger, the new offer is enough to prolong the contentious five-month battle for control of Paramount and cast renewed uncertainty over its outcome. With his latest parry -- even if it turns out to be as ineffectual as Diller thinks it is -- Redstone has for the moment denied QVC's chairman the prize he so eagerly desires. Diller, Redstone and Paramount CEO Martin Davis have been locked in combat since September, when Viacom agreed to buy the movie studio for $8.2 billion in a friendly deal. Soon after that agreement, Diller launched...
...special effects and computer animation. In the world of "Jurassic Park," humans are almost an afterthought, present only so that the dinosaurs can devour them. However, "Schindler's List," based on a true story, focuses on human beings, presenting a vision of a world where people are of paramount importance and where one person's actions carry great weight...