Media Industry
Industry: Email Alert RSS FeedRedstone standing form on Spelling price.(Sumner Redstone of Viacom Inc., Spelling Entertainment Group Inc.)(Brief Article)
Broadcasting & Cable, May, 1996
Viacom is in no hurry to sell its 77% stake in Spelling Entertainment Group, Viacom Chairman Sumner Redstone said last week. Redstone's reported $1.5 billion asking price for the production/distribution company is said to have kept potential buyers at bay ever since Viacom put its majority interest on the block last August.
Speculation has mounted in recent weeks that Viacom would reverse its course and buy the remaining 23% of publicly held Spelling, which Viacom acquired in its 1994 merger with BlOckbuster Entertainment. "Our agenda with Spelling has not changed," Redstone said following his speech last Thursday to the Hollywood Radio & Television Society on the globalization of the television industry. "If we get what we're looking for, we'll sell it,"...
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