
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: MONDAY, October 18, 1993                   TAG: 9310180084
SECTION: NATIONAL/INTERNATIONAL                    PAGE: A-2   EDITION: METRO 
SOURCE: Associated Press
DATELINE: NEW YORK                                LENGTH: Short

QVC GETS 2 NEW ALLIES . . . AND A COOL $1 BILLION

QVC Network Inc. lined up two powerful new allies and another $1 billion in financing Sunday for its pursuit of Paramount Communications Inc., the moviemaker and publisher that has already accepted a buyout offer from MTV-cable channel operator Viacom Inc.

Privately held media companies Advance Publications Inc., the Newhouse family-controlled owner of Conde Nast magazines and Random House books, and Atlanta-based Cox Enterprises Inc. each agreed to invest $500 million in QVC.

The moves give QVC Chairman Barry Diller more options in his effort to wrest Paramount away from its deal with Viacom and put more pressure on Viacom Chairman Sumner Redstone.

QVC, the cable shopping channel operator based in West Chester, Pa., and Viacom have each offered combinations of cash and stock for Paramount, but QVC's $9.7 billion bid is currently worth $1.8 billion more.

The battle for Paramount has become one of the wildest takeover fights since the 1980s, with some of the biggest names in media and communications choosing sides. Surveys consistently rank the Newhouse and Cox families among the nation's wealthiest.

Paramount offers a wealth of TV and moviemaking experience and huge libraries of programs that are highly prized by the cable TV and telephone companies planning to use advanced technology to deliver them to homes.

QVC already has identical $500 million equity commitments for its offer from cable TV system operator Comcast Corp. of Philadelphia and cable programmer Liberty Media Corp., which is headed by industry titan John Malone.

by CNB