Word: sumnerism
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...Communications. With a bid from Viacom Inc. valued at $7.5 billion already on the table, QVC shopping-network chairman Barry Diller unveiled a staggering $9.5 billion counteroffer. Paramount stockholders could almost be heard sighing at the thought of their potential profits. In a counterassault with personal overtones, Viacom chairman Sumner Redstone fired back with an antitrust suit accusing one of Diller's chief backers, John Malone, the head of cable-TV powerhouse Tele-Communications Inc. (TCI), of monopolizing the cable industry...
...great industrial consolidations of the Rockefellers and Harrimans a century ago were simpleminded checkers games by comparison to this 3-D chess match. Tracking the corporate cross-purposes and potential conflicts of interest makes the brain hurt. Paramount's Davis, surely a lame duck no matter who wins, wants Sumner Redstone's Viacom to become his proprietor, but both will be millions richer even if Diller and Malone prevail. Because Malone controls a quarter of the stock in Turner Broadcasting, mellowing Ted Turner (he told someone recently he's "a lot less hungry" than certain other moguls) was persuaded last...
...most desperate moments of his life, a severely burned Sumner Redstone saved himself by clinging to a window ledge with his right handand counting to 10 over and over again as flames swept through his room in a Boston hotel fire. "My legs were burned to my arteries," he recalls. "I got to a window, and it wouldn't open. I got to another one and hung by my hands. It seemed like a lifetime." Despite 60 hours of burn surgery, doctors doubted that Redstone would ever walk again. His tendons were destroyed, his little finger partly amputated...
Paramount says yes to Viacom's Sumner Redstone...
...outset, they could prove difficult to engineer. For instance, Viacom plans to award rights to a film based on MTV characters Beavis and Butt-head to Paramount instead of Warner Bros., as originally planned. But impresario David Geffen spent a good part of last week fighting Viacom's Sumner Redstone to keep the film at Warner...