Pumped Viacom: We'd Buy Cable Nets.(third quarter 1998 results, acquisition strategy)
Multichannel News, November, 1998 by GIBBONS, KENT
NEW YORK -- Viacom Inc.'s crown jewels are its cable networks, and chairman and CEO Sumner Redstone would like to expand the company's collection. Redstone, who discussed third-quarter results with reporters and analysts last Wednesday, said cable networks represent "the best business in entertainment," and they would be Viacom's top acquisition targets.
Without naming names, Redstone said he thought that some networks might become available and, if so, 'We'd be interested in expanding our cable-network business." Otherwise, Viacom's largest looming transactions are sales. The company is selling most of its Simon & Schuster publishing business, and it plans a first-quarter initial public offering of stock in Blockbuster Video. By the end of next...
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