HUIZENGA TO TRANSITION OUT OF POST-MERGER BLOCKBUSTER
Published September 21, 1994
Viacom announced yesterday it has signed contracts with 40 "key" Blockbuster Entertainment senior managers to go into effect upon completion of the merger. The list does not include Blockbuster Chair/CEO Wayne Huizenga. Although Huizenga was given the title of Vice Chair of Viacom and Chair of the soon-to- be-formed Blockbuster Entertainment Group, "he will only remain with the companies for what is being described by Viacom executives as an 'appropriate' transition period." Blockbuster Vice Chair Steve Berrard was offered a long-term pact, and will serve as president and CEO of Blockbuster Entertainment Group (DAILY VARIETY, 9/21). Shareholders are set to meet 9/29 to vote on the proposed merger. Viacom Chair Sumner Redstone: "We are particularly pleased that Wayne, who created Blockbuster and made it a household name, will stay on with us through the transition period" (AP/ATLANTA CONSTITUTION, 9/21).