You will be redirected back to your article in seconds

Par firm on deadline

Paramount Communications Inc. said yesterday it notified counsel for Viacom and QVC Network that it will not alter its deadline for bids of 5 p.m. EST on Feb. 1.

Paramount said both bidders have had “more than a reasonable time” to present a bid providing maximum value to shareholders.

“It is in the best interests of Paramount and its shareholders to now conclude the bidding process and the sale of Paramount in a timely manner,” the studio said in a statement.

It added any amendment to either portion — cash or stock — of the offer after that deadline would violate the bidding procedures.

As of Thursday’s closing bell, QVC’s bid was worth $ 85.97 per share and Viacom’s bid was valued at $ 80.22 per share. QVC shares rose 75 cents to $ 44. 50 and Viacom Class B shares were steady at $ 36.75. Paramount shares added 25 cents to $ 79.88.

More Biz

  • Harvey Weinstein

    Harvey Weinstein Staffer Breaks NDA, Says He Harassed Her and Assaulted Friend

    Paramount Communications Inc. said yesterday it notified counsel for Viacom and QVC Network that it will not alter its deadline for bids of 5 p.m. EST on Feb. 1. Paramount said both bidders have had “more than a reasonable time” to present a bid providing maximum value to shareholders. “It is in the best interests […]

  • Jennifer Lawrence

    Third Hacker Pleads Guilty in Celebgate Photo Leak

    Paramount Communications Inc. said yesterday it notified counsel for Viacom and QVC Network that it will not alter its deadline for bids of 5 p.m. EST on Feb. 1. Paramount said both bidders have had “more than a reasonable time” to present a bid providing maximum value to shareholders. “It is in the best interests […]

  • Brit Marling Harvey Weinstein

    Actress Brit Marling Alleges Harvey Weinstein Suggested They Shower Together

    Paramount Communications Inc. said yesterday it notified counsel for Viacom and QVC Network that it will not alter its deadline for bids of 5 p.m. EST on Feb. 1. Paramount said both bidders have had “more than a reasonable time” to present a bid providing maximum value to shareholders. “It is in the best interests […]

  • Eric Schneiderman

    New York Attorney General Launches Investigation Into Weinstein Co.

    Paramount Communications Inc. said yesterday it notified counsel for Viacom and QVC Network that it will not alter its deadline for bids of 5 p.m. EST on Feb. 1. Paramount said both bidders have had “more than a reasonable time” to present a bid providing maximum value to shareholders. “It is in the best interests […]

  • STEPHEN RUSSO

    Columbia Records Promotes Stephen Russo to Executive Vice President

    Paramount Communications Inc. said yesterday it notified counsel for Viacom and QVC Network that it will not alter its deadline for bids of 5 p.m. EST on Feb. 1. Paramount said both bidders have had “more than a reasonable time” to present a bid providing maximum value to shareholders. “It is in the best interests […]

  • ATT Time Warner

    AT&T Extends Time Warner Deal Termination Date, Awaiting DOJ Approval

    Paramount Communications Inc. said yesterday it notified counsel for Viacom and QVC Network that it will not alter its deadline for bids of 5 p.m. EST on Feb. 1. Paramount said both bidders have had “more than a reasonable time” to present a bid providing maximum value to shareholders. “It is in the best interests […]

More From Our Brands

Access exclusive content