Word: paramount
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...survive and conquer has now led Redstone, 70, the chairman of MTV-owner Viacom Inc., to launch what could be the business coup of a lifetime. At an age when most executives are thinking country clubs and conferences, Redstone last week engineered an $8.2 billion offer to acquire Paramount Communications for $69.14 a share in cash and stock and thereby create one of the world's media giants.Since Redstone would hold 70% of the voting stock of the combined company, he would have majority control of more movies, books and television shows than any other media mogul--unless Ted Turner...
...Paramount says yes to Viacom's Sumner Redstone...
...first glance the proposed nuptials of Viacom Inc. and Paramount Communications look like a marriage made in heaven. The merged company, to be called Paramount Viacom, would unite Paramount's film and television studios with Viacom's cable systems and its networks such as MTV and Nickelodeon. Result: a global giant primed to compete with heavyweights like Time Warner, Tele-Communications Inc. (TCI) and Rupert Murdoch's News Corp. in everything from making movies to building an interactive electronic highway into the home. "It's absolutely the best fit" of all the recent media mergers, says Frank Mancuso, former president...
...will some interloper top Viacom's $8.2 billion bid and try to make off with Paramount? The announcement was treated in Hollywood and on Wall Street like that moment when the minister says, Speak now or forever hold your peace. The first to clear his throat was Ted Turner, the freewheeling founder of CNN, who just last month struck a deal to buy two much smaller movie companies. On Friday he was given the go-ahead by his board -- which includes representatives from his big investors, TCI and Time Warner -- to explore a rival offer. Barry Diller, chairman...
...Paramount-Viacom deal can be completed, it would enable the combined company to move into new ventures that neither firm would have the means to undertake separately. For example, Paramount chairman Martin Davis said last week that the new company might develop a music business to record and market compact discs under the MTV label. And since Viacom and Paramount together own a total of 12 TV stations, the two companies could combine them into a fifth broadcast network. "If it presents an opportunity, we will clearly seize it," Davis says...