Viacom To Sell Local Cable Systems

Wed., July 26, 1995

From Staff And Wire Reports

Media conglomerate Viacom Inc. will sell its local cable television systems to cable TV leader TeleCommunications Inc. in a complex deal designed to take a big hunk out of Viacom’s heavy debt.

The $2.25 billion transaction announced Tuesday allows Viacom to spin off the cable business to its shareholders as a separate company, which would then be bought by TCI.

New York-based Viacom, owner of Showtime, Nickelodeon and MTV cable networks, ran up about $10 billion debt last year buying the movie maker and theme park owner Paramount Communications and Blockbuster Entertainment, the No. 1 video store chain.

It has since been shedding businesses that are tangential to its main business of programming.

If shareholders and regulators approve Tuesday’s deal, Viacom will eliminate $1.7 billion in borrowing.

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Viacom To Sell Local Cable Systems

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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