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PARAMOUNT ANNOUNCES PUBLIC OFFERING

 NEW YORK, July 12 /PRNewswire/ -- Paramount Communications Inc. (NYSE: PCI) today announced a $300 million two-part public offering of senior debt, consisting of $150 million of 5-7/8 percent seven-year notes due July 15, 2000, to yield 5.956 percent and $150 million of 7-1/2 percent debentures due July 15, 2023, to yield 7.531 percent. Co-managers of the underwriting syndicate, led by Salomon Brothers, include The First Boston Corporation and Morgan Stanley.
 The debentures are non-callable for 10 years and were priced to offer 90 basis points over comparable U.S. Treasuries. The notes are non-callable for their life and were priced at 60 basis points over comparable U.S. Treasuries.
 Net proceeds from the sale of the securities announced today will be used to re-fund $100 million of 8-1/2 percent senior notes due 1996 and to fund the previously announced acquisitions of television station WKBD-TV in Detroit and the interest the company did not already own in Canada's Wonderland theme park.
 -0- 7/12/93
 /CONTACT: Carl Folta of Paramount Communications, 212-373-8530/
 (PCI)


CO: Paramount Communications Inc. ST: New York IN: ENT SU: OFR

SH -- NY060 -- 0468 07/12/93 13:33 EDT
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Publication:PR Newswire
Date:Jul 12, 1993
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