VIACOM SETTLES BLOCKBUSTER DISPUTE, LOOKS FORWARD TO CBS
Published September 20, 1994
Viacom and Blockbuster have settled the lawsuits brought by Blockbuster shareholders in January of this year that challenged the proposed merger. The settlement "opens the door" for a merger by resolving all pending litigation over the planned deal (VARIETY, 9/20). Shareholders of both companies vote on the merger September 29. Paine Webber's Craig Bibb predicts that the merger will be approved at the shareholder meetings (Don Finefrock, MIAMI HERALD, 9/20). VIACOM AND CBS: In an attempt to become the "undisputed multimedia powerhouse," Viacom has become "actively involved" in merger discussions with CBS. One exec close to the negotiations told AD AGE while talks are "certainly happening," they could take some time to conclude due to regulatory and financial details involved: "Viacom can't do anything until they complete their Blockbuster and TCI deals" (Joe Mandese, ADVERTISING AGE, 9/19).