Word: qvc
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...Street this fall, Paramount chairman Martin Davis summoned Barry Diller to a lunch at Paramount headquarters in New York City. The two men had rarely spoken since Davis forced out Diller as head of Paramount's film studio a decade ago. Now Davis demanded to know whether Diller's QVC shopping network was planning a takeover bid for Paramount. Diller none-too- ingenuously denied it. According to Diller, Davis then ended the meal by shouting out, "I know you're coming after...
...more than $75 a share" for Paramount. Malone is no casual observer: he reportedly offered Davis $70 a share for Paramount three years ago. Malone had also backed Diller's bid for Paramount through TCI's Liberty Media programming unit before Liberty agreed to sell its 22% stake in QVC last month...
Paramount said its board would meet to set up a procedure to consider bids from all interested parties. So unless Viacom chairman Sumner Redstone decides to raise his bid, his company could be the loser. Diller, who watched the hearing on television from QVC's West Chester, Pennsylvania, offices, said he was "delighted" with the ruling. "Obviously he's very happy," said designer Diane von Furstenberg, a confidant. Yet neither she nor Diller was ready to declare final victory in the Paramount struggle. "Nothing is ever a fait accompli in life," Von Furstenberg said. "Only the future will tell...
...Round for QVC...
...Delaware judge blocked Paramount Communications' friendly merger with Viacom, saying that the combination was a sale, not a strategic alliance, and that Paramount must therefore give due consideration to the bid of Viacom's rival, the QVC Network...