Word: paramountly
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...Martin Davis, the embattled chairman of Paramount Communications, these are soul-trying times. Just four months ago, Davis engineered a merger agreement with MTV-owner Viacom Inc. that would have made him chief executive of one of the world's media giants. But Hollywood wizard Barry Diller, who now chairs the QVC home-shopping network, crashed in with a hostile bid for Paramount that triggered the first major takeover battle of the 1990s. Paramount directors spurned Diller at first but endorsed his bid in December after Delaware court rulings compelled them to entertain all offers. The board last week reaffirmed...
...will soon leave the company he has run successfully since 1983. There would be no place for Davis under Diller. And two weeks ago, Viacom announced an $8.4 billion merger with home-video retailer Blockbuster Entertainment. That deal enabled Viacom to sweeten the cash portion of its bid for Paramount but left little in the way of a role for Davis. With the bidding war now in its final phase -- a winner is expected to emerge in early February -- Davis met last week with TIME Boston bureau chief Sam Allis and business editor Sam Gwynne for the Paramount chairman...
...Davis: I didn't change anything. The change came about because of the court ruling in Delaware. We started off with a merger in September of Paramount and Viacom, and that merger is not going to take place along the lines we envisioned. The court, with which we respectfully disagreed, mandated that we auction off the company, and that is exactly what we have been doing. The latest QVC bid is a superior offer...
Hours before a deadline to make another bid for Paramount Communications, Viacom, Paramount's preferred suitor, announced an agreement to merge with video-rental giant Blockbuster Entertainment. This combination will provide Viacom with the financing needed to counter QVC Network's hostile bid for Paramount.Viacom's new nearly $10 billion offer, though valued at slightly less than QVC's, raises the cash portion of the Viacom bid to $6.4 billion, about $700 million more than the cash in QVC's offer -- which QVC is free to increase...
...Paramount Saga...