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VIACOM 'BBB-/BB+' SR./SUB. DEBT MAINTAINED ON FITCHALERT POSITIVE -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 23 /PRNewswire/ -- Viacom International Inc.'s $450 million "BB+" subordinated debt and $800 million "BBB-/BB+" senior/subordinated shelf registrations are maintained on FitchAlert with positive implications following the announcement of QVC Network Inc.'s competitive bid for Paramount Communications. Viacom's debt was placed on FitchAlert on Sept. 13, 1993 after it agreed to acquire Paramount Communications for $8.2 billion. QVC's bid is valued at about $9.5 billion.
 Viacom has publicly stated its bid will not be increased at this time. However, a higher bid could emerge in light of recent developments. While a higher bid may mean greater-than-anticipated leverage for the combined entity, the opportunity for an upgrade could remain. Through the acquisition, Viacom would add operating cash flow of about $450 million annually that can be leveraged against Paramount's balance sheet, which is debt free on a net basis (total debt outstanding less cash on hand). The magnitude of any upgrade, however, depends on how much Viacom pays for Paramount if it is successful in acquiring the company, as well as how the acquisition is financed.
 -0- 9/23/93
 /CONTACT: Keith B. Foley, 212-908-0572 or Stuart M. Rossmiller 212-908-0639, both of Fitch/
 (PCI QVCN VIA)


CO: Viacom International Inc.; Paramount Communications; QVC Network
 Inc. ST: New York, Pennsylvania IN: ENT SU: RTG


LG -- NY016 -- 5089 09/23/93 10:03 EDT
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Publication:PR Newswire
Date:Sep 23, 1993
Words:229
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