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

DATE: WEDNESDAY, December 15, 1993                   TAG: 9312150102
SECTION: BUSINESS                    PAGE: B-7   EDITION: METRO 
SOURCE: Associated Press
DATELINE:                                 LENGTH: Short

PARAMOUNT THROWS AUCTION OPEN

NEW YORK - Rebuked by a court for its handling of QVC Network Inc.'s hostile-takeover bid, Paramount said Tuesday it would treat all potential bids equally and let shareholders have the final word on who wins.

Throughout the 3-month-old takeover battle for Paramount Communications Inc., the entertainment and publishing conglomerate had argued that shareholders should reject QVC's cash-and-stock offer, valued at $9.9 billion as of Tuesday, and accept a $9.4 billion offer from Viacom Inc. They said the lower bid offered greater long-term value.

Paramount's board of directors said it would still recommend one bid, but would lift its "poison pill" defense for all of them, a step that allows bidders to compete for shareholders' votes.

Bids are to be submitted by Monday.

by CNB