Viacom Chair Sumner Redstone was the featured speaker at the
National Press Club yesterday. Redstone said that Viacom expects
to sell its cable systems to InterMedia Partners L.P., a group
led by TCI. The sale, which could bring in more than $2B for
Viacom, would help reduce the $9B debt Viacom took on in its
buyout of Paramount Communications. It would also get the
company out of the cable industry, which Redstone said is
"subject to an onslaught of competition from the telephone
industry" (Baltimore SUN, 10/20). After the speech, Redstone was
asked about Blockbuster Park, the sports theme park slated to be
built in South FL. Redstone said its's "premature" to discuss
whether the park will proceed, "but called the original plans for
the park 'very extensive and I think very soundly based and very
attractive to the community'": "But we have not yet had time to
resolve every issue that has come about as a result of the
acquisition of Blockbuster. It may take us another couple of
days to solve all those problems" (MIAMI HERALD, 10/20).
