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

  • Tarana Burke. Participants march against sexual

    'Weinstein Effect' Leads to Jump in Sexual Harassment Complaints

    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 […]

  • At&t Time Warner Stock Index

    Merger Perks! WarnerMedia Employees Treated to 'Robust' Discounts On AT&T Products

    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 […]

  • Mike Easterlin & Gregg Nadel

    Warner to Launch Elektra Music Group as Standalone Company

    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 […]

  • Seth MacFarlane attends the Fox Networks

    Seth MacFarlane Says He's 'Embarrassed' to Work for Fox

    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