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LETTER TO MARTIN S. DAVIS AND PARAMOUNT COMMUNICATIONS' BOARD FROM BARRY DILLER CHAIRMAN AND PRESIDENT OF QVC

 WEST CHESTER, Pa. /PRNewswire/ -- The following letter was delivered today to Martin S. Davis, chairman of the board and CEO of Paramount Communications, Inc. (NYSE: PCI) and to Paramount's board of directors fro Barry Diller, chairman and CEO of QVC Network, Inc. (NASDAQ-NMS: QVCN).
 The Saturday press reports of a Paramount board of directors meeting scheduled for Monday indicated that there may be some confusion about the QVC merger offer of .893 of a QVC share and $30.00 is cash for each Paramount share. The QVC offer is not subject to any condition with respect to financing. QVC will enter into a merger agreement that does not contain any condition with respect to financing.
 There is no question as to the financing of the QVC offer. We have commitment for $1 billion of new equity. We have the assurance of Allen & Company that the financing for our offer is available. Indeed the financial markets show that there are no doubts about our offer -- QVC shares have risen from $56.00 when we made our offer to $60.75 of Friday. At Friday's price, our offer is worth $84.25 for each Paramount share.
 We are prepared to meet with you, your board and your advisors to answer any questions you may have. We are prepared to enter into a customary merger agreement without any contingencies that would make the terms of our offer less favorable to Paramount than the agreement you entered into with Viacom.
 -0- 9/26/93
 /CONTACT: Michael Rourke of QVC, 212-371-5999, or 215-429-8303; Investors, William F. Costello of QVC, 215-430-8948 or Diana Brainerd of Abernathy/MacGregor/Scanlon, 212-371-5999/
 (QVCN PCI)


CO: QVC Network, Inc.; Paramount Communications Inc. ST: New York, Pennsylvania IN: ENT RET SU: TNM

SM -- NYSU001 -- 5712 09/26/93 14:36 EDT
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Publication:PR Newswire
Date:Sep 26, 1993
Words:300
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