Word: sumnerism
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...December after Delaware court rulings compelled them to entertain all offers. The board last week reaffirmed support for Diller's bid, worth about $9.9 billion, vs. Viacom's offer, worth some $9.4 billion. That made him the heavy favorite to win the company unless Viacom chairman Sumner Redstone can top the rival...
...TIME: Did you know when you began your talks with Sumner that an aggressive competitor like Diller could...
...Sumner Redstone, a man who does not easily toss in his cards, was determined not to be shunted aside in the bidding war for Paramount Communications last week. As the clock ticked down toward a Friday-midnight deadline for new bids, Wall Street was wondering whether Viacom Inc.'s chairman would be able to pull a last-minute rabbit out of his hat. Unknown to most analysts and investors, a team of investment advisers and lawyers was secretly huddled at the Ritz Carlton hotel in New York City negotiating a blockbuster of a deal that would help Viacom beat...
...struggle between Sumner Redstone's Viacom and Barry Diller's QVC to acquire Paramount. The winner in this fight will almost certainly be a loser because the winner will overpay. Overpaying is a major symptom of show-business fever. Whatever the wishful rationalization of the day -- magazines and cable TV need the synergy of movies and records (Time and Warner, 1989); hardware needs software (Sony and Matsushita buying Columbia Pictures and MCA/Universal, 1990-91); the information superhighway needs content (everyone, 1993-94) -- it is almost axiomatic that when people come down with show-business fever, they pay a premium...
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...