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REDSTONES, MEET THE REDSTONES
Published October 20, 1994
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).