Business Wars The Battle for Paramount Pictures | Down to the Wire | 4
Aug 24, 2022
In December 1993, a fierce bidding war unfolds as QVC takes the lead in acquiring Paramount Pictures. Viacom's Sumner Redstone is determined to fight back, attempting a merger with Blockbuster to secure the funds needed to compete. Tensions rise as Blockbuster's chairman, Wayne Huizenga, remains steadfast against Redstone's strategy. The stakes are high in this corporate clash, filled with negotiations, emotional turmoil, and tight deadlines that define the chaotic world of 90s mergers.
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Paramount Board Reviews Offers
- Paramount's board is reviewing QVC's takeover offer of $10.3 billion, exceeding Viacom's $9.6 billion.
- The board is legally obligated to accept the highest offer, leaving Chairman Martin Davis feeling defeated.
Redstone's Blockbuster Merger
- Sumner Redstone pursues a merger with Blockbuster to outbid QVC for Paramount.
- He has a tight 17-day deadline to finalize the deal and achieve his dream of owning the studio.
Viacom-Blockbuster Merger Stalls
- Viacom and Blockbuster struggle to finalize their merger due to disagreements on stock pricing.
- Blockbuster CEO Wayne Huizenga uses "belly drop" tactics, demanding last-minute concessions.
