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PARAMOUNT AND HOME BOX OFFICE EXTEND EXCLUSIVE PAY TV AGREEMENT

 NEW YORK, Jan. 14 /PRNewswire/ -- Paramount Pictures and Home Box Office announced today that they have extended their multi-year licensing agreement for the distribution of Paramount's theatrical motion pictures on pay television.
 Paramount and Home Box Office entered into an agreement in 1987 under which HBO acquired the exclusive rights to play all of Paramount Pictures' theatrical releases on HBO and Cinemax Pay Television services. The new agreement extends this relationship to include Paramount's films theatrically released through 1997.
 "We have been very pleased with our relationship with HBO and are delighted that we will be renewing and extending it," said Robert Klingensmith, Paramount's president of video.
 Steve Scheffer, HBO executive vice president, film programming and home video, said, "Paramount has consistently been among the top motion picture distributors each year and this extension assures us that their pictures will continue to be seen on HBO and Cinemax."
 Paramount Pictures is part of the entertainment operations of Paramount Communications Inc. (NYSE: PCI). In addition to motion pictures, Paramount Communications is a major producer and distributor of television programming and home video, and has significant operations in cable television networks, broadcast television stations, motion picture theaters, theme parks and live and televised sports and entertainment events. The company also is a leading publisher of educational material and has significant operations serving the consumer, and business, technical and professional publishing markets.
 Home Box Office is the programming division of Time Warner Entertainment Co., L.P., and provides two 24-hour pay television services, HBO and Cinemax, to over 23 million subscribers across the United States. Other major lines of business include HBO Video, Time Warner Sports, HBO Satellite Services, Inc., HBO Independent Productions, interests in several cable networks, and HBO International.
 -0- 1/14/93
 /CONTACT: Carl D. Folta, 212-373-8530, or Cheryl Boone Isaacs, 213-956-5504, both of Paramount Communications/
 (PCI)


CO: Paramount Pictures; Home Box Office ST: New York IN: ENT SU:

KD-SH -- NY051 -- 4942 01/14/93 14:14 EST
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Publication:PR Newswire
Date:Jan 14, 1993
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