QVC Network Inc yesterday bid $9.5bn (£6.16bn) for Paramount Communications Inc, competing with the $8.2bn bid announced by Viacom International.
QVC, although much smaller than both Paramount and Viacom, has the support of its two major shareholders Liberty Media and Comcast.
The new bid is likely to be bitterly fought by Paramount and Viacom, which issued a statement yesterday saying that no hostile takeover would be permitted to obstruct their “well considered” merger agreement.
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