Word: viacom
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Dates: during 1990-1999
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Last week Richard Snyder, the CEO of the huge publishing house Simon & Schuster, and his young, third wife Laura Yorke invited a dozen Manhattan media swells to a dinner party. The guest of honor was to be Snyder's new boss, Sumner Redstone. Redstone's company, Viacom, acquired Simon & Schuster when it bought Paramount Communications, which owned the publisher. But the day before the party, Redstone left a message on Snyder's answering machine, backing...
Right now, the N.F.L. opposes corporate ownership of teams, and until it changes the rule or the new league comes along, the best opportunities in share buying are in basketball, baseball and hockey. Paramount Communications (soon to merge with Viacom) owns the Knicks and the Rangers, Comsat owns the Denver Nuggets, and Disney has the Mighty Ducks of Anaheim, California...
Reality seems to be hitting all over. The TV trial that Viacom was supposed to launch in Castro Valley, California, next month has been postponed until the end of the year. Ameritech, which had ambitious plans to deliver interactive services to 200,000 homes in the Midwest by year's end, is waiting for government approval. US West says it is still set to bring video to 60,000 telephone customers in Omaha, Nebraska, by December but admits that "some of the more speculative video services" may have to wait...
John Malone, Tele-Communications Inc. chairman and Barry Diller ally in the Paramount battle. Engaged in a love-hate relationship with Viacom -- currently talking to Sumner Redstone about buying Viacom's cable systems while fending off Viacom's massive antitrust suit. Also testily pulled Viacom's the Movie Channel from TCI's cable systems...
Stanley Jaffe, fired Paramount Communications president. Left Paramount with a fat severance package worth somewhere between $35 million and $60 million. Is now suing Viacom for allegedly denying him over $20 million more in stock options and other benefits he says were guaranteed...