Exhibit 99.4
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VIACOM OFFERS TO PURCHASE FULL OWNERSHIP OF
SPELLING ENTERTAINMENT
Will operate Spelling under the umbrella of the Viacom Entertainment Group
New York, NY, March 19, 1999 -- Viacom Inc. (Amex: VIA and VIAB) announced today
that it has offered to purchase the remaining shares of Spelling Entertainment
Group Inc. (NYSE, PE: SP) that it doesn't already own for $9 in cash per share
in a merger transaction. Viacom currently holds 80% of Spelling's common stock.
The proposal, approved by Viacom's board of directors, is contingent on approval
of Spelling's independent directors. Viacom anticipates that Spelling will form
a special committee of independent directors to evaluate the Viacom proposal and
that the special committee will retain separate financial and legal advisors.
Viacom intends to operate Spelling and its Big Ticket Television unit under the
umbrella of the Viacom Entertainment Group, consolidating certain sales and
back-office functions with those of its Paramount Television Group.
Sumner Redstone, Chairman and CEO of Viacom, said, "Having completed a strategic
refocusing on its core television business, Spelling is a perfect fit with
Viacom's entertainment businesses. Under legendary producer Aaron Spelling's
leadership, the company had produced some of television's most enduring hit
shows. Now, by fully integrating Spelling into the Viacom family, with the
efficiencies and economies of scale we can bring to bear, both Spelling's and
Paramount's operations will be greatly enhanced. Together with Paramount
Television Group, Viacom's television operations will now have nearly 50 hours
per week on the air -- an outstanding portfolio of television product."
Spelling Entertainment Group Inc. is a leading producer and distributor of
television and film entertainment. The Company is one of the largest producers
of television programming, controlling approximately 10,000 hours of programming
for worldwide distribution.
Viacom Inc. is one of the world's largest entertainment companies and is a
leading force in nearly every segment of the international media marketplace.
The operations of Viacom include Blockbuster, MTV Networks, Paramount Pictures,
Paramount Television, Paramount Parks, Showtime Networks, Simon & Schuster, 19
television stations, and movie screens in 12 countries. In addition to its 80
percent ownership of Spelling Entertainment Group, Viacom has half-interests in
Comedy Central, UPN and UCI. National Amusements, Inc., a closely held
corporation which operates approximately 1,300 screens in the U.S., the U.K. and
South America, is the parent company of Viacom. More information about Viacom is
available at the Company's Web site located at http://www.viacom.com.
Contacts:
Carl Folta
212-258-6352
Susan Duffy
212-258-6347
