Word: paramount
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...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...
...struggle between Sumner Redstone's Viacom and Barry Diller's QVC to acquire Paramount. The winner in this fight will almost certainly be a loser because the winner will overpay. Overpaying is a major symptom of show-business fever. Whatever the wishful rationalization of the day -- magazines and cable TV need the synergy of movies and records (Time and Warner, 1989); hardware needs software (Sony and Matsushita buying Columbia Pictures and MCA/Universal, 1990-91); the information superhighway needs content (everyone, 1993-94) -- it is almost axiomatic that when people come down with show-business fever, they pay a premium...
Close confidants of both Diller and Redstone say they have urged their respective principals in the past few weeks to back down and let the other tough guy win Paramount, plus the exciting obligation of assuming $4 billion to $8 billion in debt. But Redstone has the fever. Last Friday he threw more billions on the table and, to raise the cash, all but ceded control of his company, giving up half the seats on his board of directors to outsiders. He is plainly determined to win, even if it means losing...