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November 15, 1993

QVC RAISE PARAMOUNT BID

By CBR Staff Writer

QVC Network Inc late Friday raised its hostile bid for Paramount Communications Inc to $10,800m or $90 per share where Viacom Inc is still bidding $85 a share, but the situation is complicated by a lock-up agreement between Viacom and Paramount which would have to be declared invalid by the courts before the QVC bid could succeed; under the offer, QVC is now offering about $5,500m in cash for 61m Paramount shares in a tender offer and paper for the rest; QVC goes to court today to attempt to force Paramount to waive a poison-pill anti-takeover defence and to invalidate lock-ups designed to compensate Viacom if its bid should fail.

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