VIACOM TO STAY OUT OF SPORTS BUSINESS
Published June 1, 1995
While Viacom Chair Sumner Redstone told the company's annual meeting that his goals are to "expand our franchises to every format," that apparently does not include sports business, according to Wayne Waller of ELECTRONIC MEDIA. With the sale of Madison Square Garden, the Knicks and the Rangers, Viacom President & CEO Frank Biondi said the company had "no interest" in getting back into the sports business. Viacom is focusing on "cross-divisional projects" involving its Simon & Schuster, MTV and Nickelodeon brands, as well as continuing in the attempted sale of its cable systems to TCI (Wayne Walley, ELECTRONIC MEDIA, 5/29).