The takeover battle for Paramount Communications became bitter yesterday as Viacom filed a legal suit against QVC who have placed a higher bid for Paramount.
Viacom is suing Tele-Communications Inc which owns Liberty Media, which in turn owns 22% of QVC. TCI, Liberty, QVC and three related companies are being sued for damages for alleged harm to Viacom, as well as a ban on QVC’s Paramount bid, $2b above Viacom’s offer.
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