<PAGE> 1
================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
---------------------------
FORM 11-K
(Mark One)
/ X / ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT
OF 1934
FOR THE FISCAL YEAR ENDED COMMISSION FILE NUMBER 1-5404
DECEMBER 31, 1993
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
-----------------------------
(Full title of the plan)
PARAMOUNT COMMUNICATIONS INC.
-----------------------------
(Name of issuer of the securities held pursuant to the plan)
15 COLUMBUS CIRCLE
NEW YORK, NEW YORK 10023-7780
------------------------------
(Address of principal executive offices)
================================================================================
<PAGE> 2
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INDEX
<TABLE>
<CAPTION>
Page
----
<S> <C>
(a) Financial Statements
Report of Independent Auditors . . . . . . . . . . . . . . . . . . . . . . . F-2
Statement of Financial Condition - December 31, 1993 and 1992 . . . . . . . F-3 - F-4
Statement of Income and Changes in Plan Equity -
Year Ended December 31, 1993, 1992 and 1991 . . . . . . . . . . . . . . . F-5 - F-7
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . F-8 - F-12
Schedules
I - Investments - December 31, 1993 . . . . . . . . . . . . . . . . . . . . S-1 - S-17
Schedules II and III have been omitted because the required
information is shown in the financial statements.
(b) Exhibits
I - Consent of Independent Auditors
</TABLE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
persons who administer the Plan have duly caused this annual report to be
signed on its behalf by the undersigned, hereunto duly authorized.
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
Date: June 29, 1994 By: /s/ RUDOLPH L. HERTLEIN
-----------------------
Rudolph L. Hertlein
Member of the
Retirement Committee
F-1
<PAGE> 3
REPORT OF INDEPENDENT AUDITORS
The Retirement Committee
Paramount Communications Inc. Employees' Savings Plan
We have audited the accompanying statements of financial condition of
Paramount Communications Inc. Employees' Savings Plan as of December 31, 1993
and 1992 and the related statements of income and changes in plan equity for
each of the three years in the period ended December 31, 1993 and the schedule
of investments as of December 31, 1993. These financial statements and schedule
are the responsibility of the Plan's management. Our responsibility is to
express an opinion on these financial statements and schedule based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and schedule referred to above
present fairly, in all material respects, the financial condition of Paramount
Communications Inc. Employees' Savings Plan at December 31, 1993 and 1992, and
the income and changes in plan equity for each of the three years in the period
ended December 31, 1993 in conformity with generally accepted accounting
principles.
New York, New York Ernst & Young
June 17, 1994
F-2
<PAGE> 4
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1993
<TABLE>
<CAPTION>
EMPLOYER FUND EMPLOYEE FUNDS
------------- -------------------------------------------------------------------
PARAMOUNT PARAMOUNT
COMMUNICATIONS COMMUNICATIONS
COMMON COMMON EQUITY INCOME BALANCED
STOCK FUND STOCK FUND FUND FUND FUND
--------------- --------------- ---------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments - Note D and Schedule I
Common Stock of
Paramount Communications Inc. . . . $ 60,565,151 $ 27,823,639
Other . . . . . . . . . . . . . . . . 490,598 6,951,705 $ 41,705,088 $116,613,137 $ 7,387,699
------------ -------------- -------------- ------------ -----------
61,055,749 34,775,344 41,705,088 116,613,137 7,387,699
Contributions receivable
Employer . . . . . . . . . . . . . . 47,220
Employee . . . . . . . . . . . . . . 22,530 48,091 55,527 25,770
------------ -------------- -------------- ------------ -----------
47,220 22,530 48,091 55,527 25,770
Dividends and interest receivable . . . 153,629 88,735 109,264 571,844 680
Interfund receivables (payables) . . . . 327,170 (7,040,519) 2,902,216 1,977,424 1,833,709
Forfeitures . . . . . . . . . . . . . . . (172,455) (13,757)
------------ -------------- -------------- ------------ -----------
TOTAL ASSETS . . . . . . . . . . . . . $ 61,411,313 $ 27,846,090 $ 44,764,659 $119,204,175 $ 9,247,858
============ ============== ============== ============ ===========
LIABILITIES AND PLAN EQUITY
Payable to brokers . . . . . . . . . . . $ 1,060,120 $ 98,437
Plan Equity - including net unrealized
appreciation of investments - Note C . 60,351,193 $ 27,846,090 44,666,222 $119,204,175 $ 9,247,858
------------ -------------- -------------- ------------ -----------
TOTAL LIABILITIES AND PLAN EQUITY . . $ 61,411,313 $ 27,846,090 $ 44,764,659 $119,204,175 $ 9,247,858
============ ============== ============== ============ ===========
</TABLE>
<TABLE>
<CAPTION>
CLEARING COMBINED
FUND FUNDS
------------- -------------
<S> <C> <C>
ASSETS
Investments - Note D and Schedule I
Common Stock of
Paramount Communications Inc. . . . $ 88,388,790
Other . . . . . . . . . . . . . . . . $ 337,887 173,486,114
------------- --------------
337,887 261,874,904
Contributions receivable
Employer . . . . . . . . . . . . . . 47,220
Employee . . . . . . . . . . . . . . 151,918
------------- --------------
199,138
Dividends and interest receivable . . . 850 925,002
Interfund receivables (payables) . . . . -0-
Forfeitures . . . . . . . . . . . . . . . 186,212 -0-
------------- --------------
TOTAL ASSETS . . . . . . . . . . . . . $ 524,949 $ 262,999,044
============= ==============
LIABILITIES AND PLAN EQUITY
Payable to brokers . . . . . . . . . . . $ 1,158,557
Plan Equity - including net unrealized
appreciation of investments - Note C . $ 524,949 261,840,487
------------- --------------
TOTAL LIABILITIES AND PLAN EQUITY . . $ 524,949 $ 262,999,044
============= ==============
</TABLE>
See notes to financial statements.
F-3
<PAGE> 5
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1992
<TABLE>
<CAPTION>
EMPLOYER FUND EMPLOYEE FUNDS
------------- ------------------------------------------------
PARAMOUNT PARAMOUNT
COMMUNICATIONS COMMUNICATIONS
COMMON COMMON EQUITY INCOME
STOCK FUND STOCK FUND FUND FUND
-------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
ASSETS
Investments - Note D
Common Stock of
Paramount Communications Inc. . . . . . . $ 31,095,225 $ 19,917,450
Other . . . . . . . . . . . . . . . . . . . 202,486 164,335 $ 36,020,169 $ 120,922,078
------------ ------------- ------------- -------------
31,297,711 20,081,785 36,020,169 120,922,078
Contributions receivable
Employer . . . . . . . . . . . . . . . . . 15,445
Employee . . . . . . . . . . . . . . . . . 8,644 8,689 37,339
------------ ------------- ------------- -------------
15,445 8,644 8,689 37,339
Dividends and interest receivable . . . . . . 136,340 94,875 80,792 666,479
Interfund receivables (payables) . . . . . . . (5,691) (23,899) (42,773) 90,419
Forfeitures . . . . . . . . . . . . . . . . . . (66,507) (276) (1,260)
Loan repayment receivables (payables) . . . . . 1,678 (7,458) 4,327 (2,691)
------------ ------------- ------------- -------------
TOTAL ASSETS . . . . . . . . . . . . . . . . $ 31,378,976 $ 20,153,947 $ 36,070,928 $ 121,712,364
============ ============= ============= =============
LIABILITIES AND PLAN EQUITY
Distributions payable
Cash . . . . . . . . . . . . . . . . . . . $ 199,966 $ 77,559 $ 386,688 $ 1,903,814
Common Stock . . . . . . . . . . . . . . . . 105,329 117,364
------------ ------------- ------------- -------------
305,295 194,923 386,688 1,903,814
Plan Equity - including net unrealized
appreciation of investments - Note C . . . . 31,073,681 19,959,024 35,684,240 119,808,550
------------ ------------- ------------- -------------
TOTAL LIABILITIES AND PLAN EQUITY . . . . . $ 31,378,976 $ 20,153,947 $ 36,070,928 $ 121,712,364
============ ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
CLEARING COMBINED
FUND FUNDS
----------- ------------
<S> <C> <C>
ASSETS
Investments - Note D
Common Stock of
Paramount Communications Inc. . . . . . . $ 51,012,675
Other . . . . . . . . . . . . . . . . . . . $ 63,029 157,372,097
----------- -------------
63,029 208,384,772
Contributions receivable
Employer . . . . . . . . . . . . . . . . . 15,445
Employee . . . . . . . . . . . . . . . . . 54,672
-------------
70,117
Dividends and interest receivable . . . . . . 978,486
Interfund receivables (payables) . . . . . . . (18,056) -0-
Forfeitures . . . . . . . . . . . . . . . . . . 68,043 -0-
Loan repayment receivables (payables) . . . . . (4,144)
----------- -------------
TOTAL ASSETS . . . . . . . . . . . . . . . . $ 113,016 $ 209,429,231
=========== =============
LIABILITIES AND PLAN EQUITY
Distributions payable
Cash . . . . . . . . . . . . . . . . . . . $ 2,568,027
Common Stock . . . . . . . . . . . . . . . . 222,693
-------------
2,790,720
Plan Equity - including net unrealized
appreciation of investments - Note C . . . . $ 113,016 206,638,511
--------- -------------
TOTAL LIABILITIES AND PLAN EQUITY . . . . . $ 113,016 $ 209,429,231
========= =============
</TABLE>
See notes to financial statements.
F-4
<PAGE> 6
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES
IN PLAN EQUITY
YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
EMPLOYER FUND EMPLOYEE FUNDS
------------- -------------------------------------------------------------------
PARAMOUNT PARAMOUNT
COMMUNICATIONS COMMUNICATIONS
COMMON COMMON EQUITY INCOME BALANCED
STOCK FUND STOCK FUND FUND FUND FUND
--------------- --------------- ---------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Net investment income
Dividends on Paramount Communications
Inc. Common Stock . . . . . . . . . $ 594,434 $ 355,606
Dividends on Common Stock . . . . . . $ 998,781
Interest income . . . . . . . . . . . 6,319 3,353 83,796 $ 7,795,232 $ 171,749
Administrative expenses . . . . . . .
------------ -------------- -------------- ------------ -----------
600,753 358,959 1,082,577 7,795,232 171,749
Net realized gain on disposition of
investments - Note C . . . . . . . . 163,069 3,881,291 301,865 4,009
Unrealized appreciation of
investments - Note C . . . . . . . . . 24,687,683 11,043,072 2,312,832 223,143
Contributions
Employer . . . . . . . . . . . . . . . 8,935,308
Employee . . . . . . . . . . . . . . . 4,582,967 6,937,898 8,779,439 897,411
Rollovers from non-affiliated plans . . . . 699,168 315,683 823,050 989,516 410,892
Loan repayments . . . . . . . . . . . . . . 139,518 1,009,510 1,174,792 2,242,465 157,388
------------ -------------- -------------- ------------ -----------
35,225,499 21,191,482 12,633,014 19,806,652 1,864,592
Withdrawals and terminations
Paid in cash . . . . . . . . . . . . . (3,622,289) (2,340,320) (4,707,041) (13,763,520) (285,683)
Paid in Common Stock . . . . . . . . . (1,195,127) (1,109,940)
Forfeitures . . . . . . . . . . . . . . . . (976,558) (11,489) (20,067)
Loans granted . . . . . . . . . . . . . . . (124,404) (1,664,971) (2,148,496) (3,762,232) (199,059)
Interfund transfers . . . . . . . . . . . . (29,609) (8,189,185) 3,215,994 (2,865,208) 7,868,008
------------ -------------- -------------- ------------ -----------
Income and changes in Plan Equity
for the year . . . . . . . . . . . . . 29,277,512 7,887,066 8,981,982 (604,375) 9,247,858
Plan Equity at beginning of year . . . . . 31,073,681 19,959,024 35,684,240 119,808,550 -0-
------------ -------------- -------------- ------------ -----------
Plan Equity at end of year . . . . . . . . $ 60,351,193 $ 27,846,090 $ 44,666,222 $119,204,175 $ 9,247,858
============ ============== ============== ============ ===========
</TABLE>
<TABLE>
<CAPTION>
CLEARING COMBINED
FUND FUNDS
------------- -------------
<S> <C> <C>
Net investment income
Dividends on Paramount Communications
Inc. Common Stock . . . . . . . . . $ 950,040
Dividends on Common Stock . . . . . . 998,781
Interest income . . . . . . . . . . . $ 5,997 8,066,446
Administrative expenses . . . . . . . (547,943) (547,943)
------------- --------------
(541,946) 9,467,324
Net realized gain on disposition of
investments - Note C . . . . . . . . 4,350,234
Unrealized appreciation of
investments - Note C . . . . . . . . . 38,266,730
Contributions
Employer . . . . . . . . . . . . . . . 8,935,308
Employee . . . . . . . . . . . . . . . 21,197,715
Rollovers from non-affiliated plans . . . . (54,235) 3,184,074
Loan repayments . . . . . . . . . . . . . . 4,723,673
------------- --------------
(596,181) 90,125,058
Withdrawals and terminations
Paid in cash . . . . . . . . . . . . . (24,718,853)
Paid in Common Stock . . . . . . . . . (2,305,067)
Forfeitures . . . . . . . . . . . . . . . . 1,008,114 -0-
Loans granted . . . . . . . . . . . . . . . (7,899,162)
Interfund transfers . . . . . . . . . . . . -0-
------------- --------------
Income and changes in Plan Equity
for the year . . . . . . . . . . . . . 411,933 55,201,976
Plan Equity at beginning of year . . . . . 113,016 206,638,511
------------- --------------
Plan Equity at end of year . . . . . . . . $ 524,949 $ 261,840,487
============= ==============
</TABLE>
See notes to financial statements.
F-5
<PAGE> 7
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES
IN PLAN EQUITY
YEAR ENDED DECEMBER 31, 1992
<TABLE>
<CAPTION>
EMPLOYER FUND EMPLOYEE FUNDS
------------- ------------------------------------------------
PARAMOUNT PARAMOUNT
COMMUNICATIONS COMMUNICATIONS
COMMON COMMON EQUITY INCOME
STOCK FUND STOCK FUND FUND FUND
-------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
Net investment income
Dividends on Paramount Communications Inc.
Common Stock . . . . . . . . . . . . . . $ 522,831 $ 336,153
Dividends on Common Stock . . . . . . . . . $ 813,196
Interest income . . . . . . . . . . . . . . 4,140 4,513 60,736 $ 8,579,448
Administrative expenses . . . . . . . . . .
------------ ------------- ------------- -------------
526,971 340,666 873,932 8,579,448
Net realized gain on disposition of investments -
Note C . . . . . . . . . . . . . . . . . . 11,567 210,820 172,137
Unrealized appreciation of investments -
Note C . . . . . . . . . . . . . . . . . . 3,933,913 2,430,628 1,187,956
Contributions
Employer . . . . . . . . . . . . . . . . . . 7,364,787
Employee . . . . . . . . . . . . . . . . . . 3,983,186 4,689,875 8,350,434
Rollovers from non-affiliated plans . . . . . . . 998,488 5,040,023 5,450,796
Loan repayments . . . . . . . . . . . . . . . . . 129,005 959,734 914,280 2,258,267
------------ ------------- ------------- -------------
11,966,243 8,923,522 12,878,203 24,638,945
Withdrawals and terminations
Paid in cash . . . . . . . . . . . . . . . . (3,028,381) (1,998,269) (4,766,046) (19,899,200)
Paid in Common Stock . . . . . . . . . . . . (1,013,821) (928,141)
Forfeitures . . . . . . . . . . . . . . . . . . . (688,320) (1,044)
Loans granted . . . . . . . . . . . . . . . . . . (123,141) (1,233,451) (1,231,115) (2,897,727)
Interfund transfers . . . . . . . . . . . . . . . (93,508) (386,173) 444,312 35,369
------------ ------------- ------------- -------------
Income and changes in Plan Equity
for the year . . . . . . . . . . . . . . . . 7,019,072 4,377,488 7,325,354 1,876,343
Plan Equity at beginning of year . . . . . . . . 24,054,609 15,581,536 28,358,886 117,932,207
------------ ------------- ------------- -------------
Plan Equity at end of year . . . . . . . . . . . $ 31,073,681 $ 19,959,024 $ 35,684,240 $ 119,808,550
============ ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
CLEARING COMBINED
FUND FUNDS
----------- ------------
<S> <C> <C>
Net investment income
Dividends on Paramount Communications Inc.
Common Stock . . . . . . . . . . . . . . $ 858,984
Dividends on Common Stock . . . . . . . . . 813,196
Interest income . . . . . . . . . . . . . . $ 3,236 8,652,073
Administrative expenses . . . . . . . . . . (528,316) (528,316)
----------- -------------
(525,080) 9,795,937
Net realized gain on disposition of investments -
Note C . . . . . . . . . . . . . . . . . . 394,524
Unrealized appreciation of investments -
Note C . . . . . . . . . . . . . . . . . . 7,552,497
Contributions
Employer . . . . . . . . . . . . . . . . . . (89,388) 7,275,399
Employee . . . . . . . . . . . . . . . . . . 17,023,495
Rollovers from non-affiliated plans . . . . . . . 11,489,307
Loan repayments . . . . . . . . . . . . . . . . . 4,261,286
----------- -------------
(614,468) 57,792,445
Withdrawals and terminations
Paid in cash . . . . . . . . . . . . . . . . (29,691,896)
Paid in Common Stock . . . . . . . . . . . . (1,941,962)
Forfeitures . . . . . . . . . . . . . . . . . . . 689,364 -0-
Loans granted . . . . . . . . . . . . . . . . . . (5,485,434)
Interfund transfers . . . . . . . . . . . . . . . -0-
----------- -------------
Income and changes in Plan Equity
for the year . . . . . . . . . . . . . . . . 74,896 20,673,153
Plan Equity at beginning of year . . . . . . . . 38,120 185,965,358
----------- -------------
Plan Equity at end of year . . . . . . . . . . . $ 113,016 $ 206,638,511
=========== =============
</TABLE>
See notes to financial statements.
F-6
<PAGE> 8
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES
IN PLAN EQUITY
YEAR ENDED DECEMBER 31, 1991
<TABLE>
<CAPTION>
EMPLOYER FUND EMPLOYEE FUNDS
------------- ------------------------------------------------
PARAMOUNT PARAMOUNT
COMMUNICATIONS COMMUNICATIONS
COMMON COMMON EQUITY INCOME
STOCK FUND STOCK FUND FUND FUND
-------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
Net investment income
Dividends on Paramount Communications Inc.
Common Stock . . . . . . . . . . . . . . $ 404,369 $ 260,689
Dividends on Common Stocks . . . . . . . . . $ 499,007
Interest income . . . . . . . . . . . . . . 8,539 6,838 544,013 $ 9,857,555
Administrative expenses . . . . . . . . . .
------------ ------------- ------------- -------------
412,908 267,527 1,043,020 9,857,555
Net realized gain (loss) on disposition of
investments - Note C . . . . . . . . . . . 2,685 (52) 808,382
Unrealized appreciation (depreciation) of
investments - Note C . . . . . . . . . . . (1,192,923) (801,060) 4,234,398
Contributions
Employer . . . . . . . . . . . . . . . . . . 6,953,261
Employee . . . . . . . . . . . . . . . . . . 3,929,502 3,674,808 8,070,199
Rollovers from non-affiliated plans . . . . . . . 262,716 326,132 421,263
Loan repayments . . . . . . . . . . . . . . . . . 144,537 780,587 720,114 1,868,010
------------ ------------- ------------- -------------
6,320,468 4,439,220 10,806,854 20,217,027
Withdrawals and terminations
Paid in cash . . . . . . . . . . . . . . . . (2,028,756) (1,681,170) (2,828,876) (17,635,316)
Paid in Common Stock . . . . . . . . . . . . (708,417) (701,002)
Forfeitures . . . . . . . . . . . . . . . . . . . (572,486) (19) (1,859) (6,528)
Loans granted . . . . . . . . . . . . . . . . . . (73,717) (760,300) (786,403) (2,729,936)
Interfund transfers . . . . . . . . . . . . . . . (46,526) 515,869 1,024,981 (1,494,324)
------------ ------------- ------------- -------------
Income and changes in Plan Equity
for the year . . . . . . . . . . . . . . . . 2,890,566 1,812,598 8,214,697 (1,649,077)
Plan Equity at beginning of year . . . . . . . . 21,164,043 13,768,938 20,144,189 119,581,284
------------ ------------- ------------- -------------
Plan Equity at end of year . . . . . . . . . . . $ 24,054,609 $ 15,581,536 $ 28,358,886 $ 117,932,207
============ ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
CLEARING COMBINED
FUND FUNDS
----------- ------------
<S> <C> <C>
Net investment income
Dividends on Paramount Communications Inc.
Common Stock . . . . . . . . . . . . . . $ 665,058
Dividends on Common Stocks . . . . . . . . . 499,007
Interest income . . . . . . . . . . . . . . $ 1,753 10,418,698
Administrative expenses . . . . . . . . . . (603,432) (603,432)
----------- -------------
(601,679) 10,979,331
Net realized gain (loss) on disposition of
investments - Note C . . . . . . . . . . . 811,015
Unrealized appreciation (depreciation) of
investments - Note C . . . . . . . . . . . 2,240,415
Contributions
Employer . . . . . . . . . . . . . . . . . . 6,953,261
Employee . . . . . . . . . . . . . . . . . . 15,674,509
Rollovers from non-affiliated plans . . . . . . . 1,010,111
Loan repayments . . . . . . . . . . . . . . . . . 3,513,248
----------- -------------
(601,679) 41,181,890
Withdrawals and terminations
Paid in cash . . . . . . . . . . . . . . . . (24,174,118)
Paid in Common Stock . . . . . . . . . . . . (1,409,419)
Forfeitures . . . . . . . . . . . . . . . . . . . 580,892 -0-
Loans granted . . . . . . . . . . . . . . . . . . (4,350,356)
Interfund transfers . . . . . . . . . . . . . . . -0-
----------- -------------
Income and changes in Plan Equity
for the year . . . . . . . . . . . . . . . . (20,787) 11,247,997
Plan Equity at beginning of year . . . . . . . . 58,907 174,717,361
----------- -------------
Plan Equity at end of year . . . . . . . . . . . $ 38,120 $ 185,965,358
=========== =============
</TABLE>
See notes to financial statements.
F-7
<PAGE> 9
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE A - ACCOUNTING POLICIES
The accounting records of the Paramount Communications Inc. Employees'
Savings Plan are maintained on the accrual basis. The Plan is subject to the
Employee Retirement Income Security Act of 1974.
Investments are stated at aggregate current value. Investments in
securities which are traded on national securities exchanges are valued at the
last reported sales price on the last business day of the year; investments
traded in the over-the-counter market and listed securities for which no sale
was reported on that date are valued at the mean between the last reported bid
and ask prices. The Investment Pricing Department of the Trustee establishes
current values for other investments which do not have an established market.
In cases where call options have been sold against investments, the current
value of such investments has been reduced by the current value of the option.
All costs and expenses incurred with regard to the purchase, sale or
transfer of investments are borne by the Plan. Expenses for administering the
Plan may be paid by using Members' forfeitures.
Security transactions are recorded on the trade date.
The change in the difference between current value and the cost of
investments is reflected in the Statement of Income and Changes in Plan Equity
as unrealized appreciation (depreciation) of investments.
Net realized gain (loss) on disposition of investments represents the
difference between the proceeds received and the average cost of investments
sold.
From time to time the Plan enters into certain Standard & Poor's 500 index
futures contracts. Gains and losses related to these contracts are calculated
based upon the daily closing price of the futures contracts index.
NOTE B - INCOME TAX STATUS
The Plan received a favorable determination letter from the Internal
Revenue Service, dated June 22, 1989, with respect to the qualified status of
the Plan under Section 401 of the Internal Revenue Code (the "Code") and the
tax-exempt status of the underlying trust under Section 501 of the Code. The
Plan is exempt from federal income tax and the Member will not be subject to
federal income tax with respect to contributions made by the Employer to the
Member's account and any earnings thereon or earnings on all Member
contributions while such amounts are held in trust. The Retirement Committee
is not aware of any course of action or series of events that have occurred
that might adversely affect the Plan's qualified status.
F-8
<PAGE> 10
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE C - INVESTMENTS IN SECURITIES
The net unrealized appreciation (depreciation) of investments included in
Plan Equity is as follows:
<TABLE>
<CAPTION>
EMPLOYER FUND EMPLOYEE FUNDS
------------- ---------------------------------------------
PARAMOUNT PARAMOUNT
COMMUNICATIONS COMMUNICATIONS
COMMON COMMON EQUITY BALANCED COMBINED
STOCK FUND STOCK FUND FUND FUND FUND
------------- -------------- ------------ ------------- -------------
<S> <C> <C> <C> <C> <C>
Balance at December 31, 1990 . $ 4,657,970 $ 437,727 $(1,463,886) $ 3,631,811
Change . . . . . . . . . . . . (1,192,923) (801,060) 4,234,398 2,240,415
----------- ------------ ----------- -------------
Balance at December 31, 1991 . 3,465,047 (363,333) 2,770,512 5,872,226
Change . . . . . . . . . . . . 3,933,913 2,430,628 1,187,956 7,552,497
------------ ------------ ----------- -------------
Balance at December 31, 1992 . 7,398,960 2,067,295 3,958,468 $ -0- 13,424,723
Change . . . . . . . . . . . . 24,687,683 11,043,072 2,312,832 223,143 38,266,730
------------ ------------ ----------- ------------- -------------
Balance at December 31, 1993 . $ 32,086,643 $ 13,110,367 $ 6,271,300 $ 223,143 $ 51,691,453
============ ============ =========== ============= =============
</TABLE>
The net realized gain (loss) on disposition of investments was computed as
follows:
<TABLE>
<CAPTION>
EMPLOYER FUND EMPLOYEE FUNDS
--------------- -----------------------------------------------------------
PARAMOUNT PARAMOUNT
COMMUNICATIONS COMMUNICATIONS
COMMON COMMON EQUITY INCOME BALANCED COMBINED
STOCK FUND STOCK FUND FUND FUND FUND FUND
--------------- ------------- -------------- ------------ -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Year ended December 31, 1993
Proceeds . . . . . . . . $ 10,718,721 $ 15,548,032 $ 17,735,012 $ 27,415,093 $7,492,963 $ 78,909,821
Cost-average . . . . . . 10,555,652 11,666,741 17,433,147 27,415,093 7,488,954 74,559,587
------------ ------------ ------------ ------------- ---------- ------------
Net realized gain . . . . $ 163,069 $ 3,881,291 $ 301,865 $ -0- $ 4,009 $ 4,350,234
============ ============ ============ ============= ========== ============
Year ended December 31, 1992
Proceeds . . . . . . . . $ 7,448,401 $ 12,091,259 $ 13,219,881 $ 120,166,588 $152,926,129
Cost-average . . . . . . 7,436,834 11,880,439 13,047,744 120,166,588 152,531,605
------------ ------------ ------------ ------------- ------------
Net realized gain . . . . $ 11,567 $ 210,820 $ 172,137 $ -0- $ 394,524
============ ============ ============ ============= ============
Year ended December 31, 1991
Proceeds . . . . . . . . $ 7,249,169 $ 6,200,761 $ 38,528,112 $ 79,483,265 $131,461,307
Cost-average . . . . . . 7,246,484 6,200,813 37,719,730 79,483,265 130,650,292
------------ ------------ ------------ ------------- ------------
Net realized gain (loss) $ 2,685 $ (52) $ 808,382 $ -0- $ 811,015
============ ============= ============ ============= ============
</TABLE>
F-9
<PAGE> 11
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
<TABLE>
<CAPTION>
The fair value of individual investments, exclusive of Common Stock of
Paramount Communications Inc., that represent 5% or more of the Plan's net
assets are as follows:
December 31
------------
1993 1992
----- -----
<S> <C> <C>
Income Fund:
- - ------------
State Street Bank & Trust Company
Government Short-Term Investment Fund $22,259,899 $21,554,600
Bankers' Trust Company 6.45%
Guaranteed Investment Contract * 10,511,351
* Amount is less than 5% of the Plan's net assets at December 31, 1993.
</TABLE>
The Plan Equity available to Members in each fund at December 31, 1993 and
1992 was as follows:
<TABLE>
<CAPTION>
UNITS UNIT
FUND OUTSTANDING VALUE PLAN EQUITY
---- ----------- ----- ----------------
<S> <C> <C> <C>
December 31, 1993
Employer Fund
Paramount Communications
Common Stock Fund . . . . 22,345,025.032 2.70087829 $ 60,351,193
Employee Funds
Paramount Communications
Common Stock Fund . . . . 11,433,263.884 2.43553287 27,846,090
Equity Fund . . . . . . . . 18,378,327.500 2.43037469 44,666,222
Income Fund . . . . . . . . 68,205,320.417 1.74772546 119,204,175
Balanced Fund . . . . . . . 8,701,902.712 1.06273976 9,247,858
--------------
Plan Equity available
to Members . . . . . . . 261,315,538
Clearing Fund . . . . . . . . 524,949
--------------
Plan Equity . . . . . . . . $ 261,840,487
==============
December 31, 1992
Employer Fund
Paramount Communications
Common Stock Fund . . . . 20,396,757.971 1.52346177 $ 31,073,681
Employee Funds
Paramount Communications
Common Stock Fund . . . . 14,474,080.889 1.37894932 19,959,024
Equity Fund . . . . . . . . 16,152,560.186 2.20920025 35,684,240
Income Fund . . . . . . . . 73,141,547.903 1.63803684 119,808,550
--------------
Plan Equity available
to Members . . . . . . . 206,525,495
Clearing Fund . . . . . . . . 113,016
--------------
Plan Equity . . . . . . . . $ 206,638,511
==============
</TABLE>
F-10
<PAGE> 12
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE D - INVESTMENT PROGRAMS
The investment programs of the Plan are as follows:
Member contribution - A Member may contribute to the Plan from 1%
to 12% of the Member's base pay, including certain commissions, subject to
adjustment to comply with law. A Member's contributions can be made with
pre-tax or after-tax dollars. A Member may change or suspend the amount of
the Member's contribution at any time effective as of the first day of any
month; however, any suspension must be for a minimum of three months. Upon
enrollment or reenrollment, each Member shall direct that the Member's
contributions be invested in one or more of the following investment
options in units of 10%:
Paramount Communications Common Stock Fund
This fund is invested in Paramount Communications Common Stock.
Dividends received on stock in the fund are reinvested in
Paramount Communications Common Stock. Chemical Banking
Corporation is the trustee of this fund.
Equity Fund
This fund is primarily invested in a portfolio of common stocks
constructed and maintained with the objective of providing
investment results which approximate the performance of the
Standard & Poor's 500 Stock Index (the "S&P 500"). The fund may
purchase or sell individual securities or futures contracts on the
S&P 500 or on a similarly broad index. Equity and market index
call options may be written (sold) on the securities in the
underlying portfolio but none of the optioned shares will be
allowed to be called away. Bankers Trust Company is the trustee
and investment manager of this fund.
Income Fund
This fund is invested in fixed income securities issued by
insurance companies, financial institutions and the U.S.
Government and its agencies. State Street Bank and Trust Company
is the trustee and investment manager of this fund.
Balanced Fund
This fund, of which JP Morgan is the trustee, invests in a
balanced combination of a JP Morgan managed bond fund and an
equity index fund. This fund was instituted in 1993.
Such direction may be revised by the Member quarterly.
Employer contribution - The Employer may provide a matching
contribution of 50% of the first 6% of each Member's contribution. Employer
contributions are invested in the Paramount Communications Common Stock
Fund. Members who commenced employment prior to January 1, 1992 (April 1,
1991 for employees of the publishing operations) vest in the Employer
contribution at a rate of 20% for each full year of service. Members who
commenced employment after December 31, 1991 (March 31, 1991 for employees
of the publishing operations) vest in the Employer contribution after the
completion of two full years of service at a rate of 33 1/3% for each of
the next three full years of service. Amounts which have been forfeited in
accordance with provisions of the Plan may be used to defray administrative
expenses or reduce future Employer contributions.
F-11
<PAGE> 13
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Loan Provision - The Plan permits a Member to borrow funds from
the Plan using a portion of the Member's vested account balance as
collateral. All loans require approval by the Retirement Committee. Monthly
payroll deductions are required to repay the loans on a level amortization
basis. Loans involving the purchase of a primary residence may be for any
length of time up to 25 years. Loans for any other reason must be repaid
within five years. The interest rate on the loans will be determined by the
Retirement Committee. In the event of the Member's termination of
employment with the Employer, the Member may either repay the loan or have
the loan balance deducted from the Member's account.
The number of Members in each fund at December 31, 1993 was as follows:
<TABLE>
<S> <C>
Employer Fund
Paramount Communications Common Stock Fund . . . . . 8,386
Employee Funds
Income Fund . . . . . . . . . . . . . . . . . . . . 7,032
Equity Fund . . . . . . . . . . . . . . . . . . . . 5,531
Paramount Communications Common Stock Fund . . . . . 4,347
Balanced Fund . . . . . . . . . . . . . . . . . . . 1,307
</TABLE>
The total number of Members in the Plan was less than the sum of the number
of Members shown above because many of the Members participated in more
than one fund.
NOTE E - DISTRIBUTIONS PAYABLE
As of December 31, 1993, there was $2,718,370 of assets that have
been allocated to participants who have withdrawn from the Plan as of
year-end, but for which disbursement of those funds from the Plan has not
yet been made.
NOTE F - SUBSEQUENT EVENT
Pursuant to an Amended and Restated Agreement and Plan of Merger
dated as of February 4, 1994 (as subsequently amended, the "Merger
Agreement") between Viacom Inc. ("Viacom") and Paramount Communications
Inc. ("PCI"), PCI will become a wholly owned subsidiary of Viacom at the
effective time of the merger. In March 1994, pursuant to the related tender
offer, all shares of PCI held by the Plan were tendered to Viacom. The Plan
has received cash of $107 per share for approximately half of the tendered
shares and will receive certain securities of Viacom for its remaining
shares of PCI upon completion of the merger in July 1994.
F-12
<PAGE> 14
Schedule I
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
Shares or Approximate
Principal Market
Amount Cost Value
----------- -------------- ---------------
<S> <C> <C> <C>
EMPLOYER FUND
PARAMOUNT COMMUNICATIONS
COMMON STOCK FUND
Paramount Communications Inc.
Common Stock . . . . . . . . . . . . . . . 778,973 $ 28,478,508 $ 60,565,151
Chemical Banking Corporation
Temporary Investment Fund . . . . . . . . 490,598 490,598 490,598
---------------- ----------------
TOTAL PARAMOUNT COMMUNICATIONS
COMMON STOCK FUND-EMPLOYER . . . . . . . . 28,969,106 61,055,749
EMPLOYEE FUNDS
PARAMOUNT COMMUNICATIONS
COMMON STOCK FUND
Paramount Communications Inc.
Common Stock . . . . . . . . . . . . . . . 357,450 14,713,272 27,823,639
Chemical Banking Corporation
Temporary Investment Fund . . . . . . . . 6,951,705 6,951,705 6,951,705
---------------- ----------------
TOTAL PARAMOUNT COMMUNICATIONS
COMMON STOCK FUND-EMPLOYEE . . . . . . . . 21,664,977 34,775,344
EQUITY FUND
TEMPORARY INVESTMENTS
Bankers Trust Company Temporary
Investment Fund . . . . . . . . . . . . 108,596 108,596 108,596
Chemical Banking Corporation
Temporary Investment Fund . . . . . . . 457,636 457,636 457,636
DOMESTIC COMMON STOCKS
AEROSPACE
Boeing Co . . . . . . . . . . . . . . . 4,500 207,158 194,625
General Dynamics Corp. . . . . . . . . 350 10,745 32,288
Lockheed Corp. . . . . . . . . . . . . 700 28,278 47,775
Loral Corp. . . . . . . . . . . . . . . 1,200 27,456 45,300
Martin Marietta Corp. . . . . . . . . 1,200 30,740 53,400
McDonnell Douglas Corp. . . . . . . . 600 32,920 64,200
Northrop Corp. . . . . . . . . . . . . 200 5,277 7,475
Raytheon Co. . . . . . . . . . . . . . 1,900 81,303 125,400
Rockwell International Corp. . . . . . 3,000 84,749 111,375
United Technologies Corp. . . . . . . 1,700 87,581 105,400
--------------- ----------------
TOTAL AEROSPACE . . . . . . . . . . 596,207 787,238
</TABLE>
S-1
<PAGE> 15
SCHEDULE I
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
SHARES OR APPROXIMATE
PRINCIPAL MARKET
AMOUNT COST VALUE
----------- -------------- ---------------
<S> <C> <C> <C>
AUTOMOTIVE
Chrysler Corp. . . . . . . . . . . . . . . 4,700 100,997 250,275
Cummins Engine Inc. . . . . . . . . . . . 600 23,480 32,250
Dana Corp. . . . . . . . . . . . . . . . . 200 7,351 11,975
Eaton Corp. . . . . . . . . . . . . . . . 1,000 35,835 50,500
Ford Motor Co. . . . . . . . . . . . . . . 5,900 219,917 380,550
General Motors Corp. . . . . . . . . . . . 9,000 347,936 493,875
Genuine Parts Co. . . . . . . . . . . . . 1,050 31,387 39,506
Paccar Inc. . . . . . . . . . . . . . . . 500 21,927 30,625
---------------- ----------------
TOTAL AUTOMOTIVE . . . . . . . . . . . 788,830 1,289,556
BANKS
Banc One Corp. . . . . . . . . . . . . . . 4,575 159,081 178,997
BankAmerica Corp. . . . . . . . . . . . . 4,808 175,341 222,971
Bank Boston Corp. . . . . . . . . . . . . 1,600 36,768 36,800
Barnett Banks Inc. . . . . . . . . . . . . 1,400 54,687 58,100
Boatmen's Bancshares Inc. . . . . . . . . 1,600 41,515 47,800
Chase Manhattan Bank Corp. . . . . . . . . 2,600 54,736 88,075
Chemical Banking Corp. . . . . . . . . . . 3,568 101,897 143,166
Citicorp . . . . . . . . . . . . . . . . . 4,500 67,841 165,938
Corestates Financial Corp. . . . . . . . . 2,000 43,166 52,250
First Chicago Corp. . . . . . . . . . . . 700 25,489 30,275
First Fidelity Bancorporation . . . . . . 600 21,721 27,300
First Interstate Bancorp . . . . . . . . . 1,200 45,060 76,950
First Union Corp. . . . . . . . . . . . . 2,500 79,083 103,125
Mellon Bank Corp. . . . . . . . . . . . . 1,000 50,550 53,000
J P Morgan & Co. Inc. . . . . . . . . . . 2,600 142,936 180,375
NBD Bancorp Inc. . . . . . . . . . . . . . 1,250 30,027 37,187
Nationsbank Corp. . . . . . . . . . . . . 3,537 131,878 173,313
Norwest Corp. . . . . . . . . . . . . . . 4,200 75,831 102,375
Shawmut National Corp. . . . . . . . . . . 700 14,634 15,225
Suntrust Banks Inc. . . . . . . . . . . . 1,200 33,501 54,000
U.S. Bancorp. . . . . . . . . . . . . . . 1,450 28,163 36,250
Wells Fargo & Co. . . . . . . . . . . . . 800 55,507 103,500
---------------- ----------------
TOTAL BANKS . . . . . . . . . . . . . . 1,469,412 1,986,972
BEVERAGE
Anheuser-Busch Companies Inc. . . . . . . 3,600 183,963 176,850
The Coca-Cola Company . . . . . . . . . . 16,600 549,745 740,775
Adolph Coors Co. . . . . . . . . . . . . . 500 8,426 8,125
Pepsico Inc. . . . . . . . . . . . . . . . 10,200 334,728 416,925
---------------- ----------------
TOTAL BEVERAGE . . . . . . . . . . . . 1,076,862 1,342,675
</TABLE>
S-2
<PAGE> 16
SCHEDULE I
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
SHARES OR APPROXIMATE
PRINCIPAL MARKET
AMOUNT COST VALUE
----------- -------------- ---------------
<S> <C> <C> <C>
BUILDING - FOREST PRODUCTS
Champion International Corp. . . . . . . . 500 15,315 16,688
Georgia Pacific Corp. . . . . . . . . . . 1,300 64,134 89,375
Johnson Controls Corp. . . . . . . . . . . 300 14,667 15,938
Louisiana Pacific Corp. . . . . . . . . . 1,600 26,647 66,000
Weyerhaeuser Co. . . . . . . . . . . . . . 2,900 84,579 129,413
---------------- ----------------
TOTAL BUILDING - FOREST PRODUCTS . . . 205,342 317,414
BUILDING - OTHER
Armstrong World Industries Inc. . . . . . 300 10,727 15,975
Centex Corp. . . . . . . . . . . . . . . . 700 23,898 29,400
Fleetwood Enterprises Inc. . . . . . . . . 800 18,354 19,000
Fluor Corp. . . . . . . . . . . . . . . . 1,200 52,012 48,600
Home Depot Inc. . . . . . . . . . . . . . 5,800 185,778 229,100
Masco Corp. . . . . . . . . . . . . . . . 2,200 52,965 81,400
Owens-Corning Fiberglass Corp. . . . . . . 700 12,601 31,062
The Stanley Works . . . . . . . . . . . . 100 4,067 4,450
---------------- ----------------
TOTAL BUILDING - OTHER . . . . . . . . 360,402 458,987
CHEMICAL
Air Products & Chemicals Inc. . . . . . . 1,600 54,795 70,800
American Cyanamid Co. . . . . . . . . . . 1,100 64,095 55,275
Dow Chemical Co. . . . . . . . . . . . . . 3,500 195,964 198,625
E I DuPont De Nemours & Co. . . . . . . . 8,700 382,155 419,775
Ethyl Corp. . . . . . . . . . . . . . . . 1,500 30,796 26,250
FMC Corp. . . . . . . . . . . . . . . . . 100 5,093 4,713
W R Grace & Co. . . . . . . . . . . . . . 1,200 41,222 48,750
Great Lakes Chemical Corp. . . . . . . . . 1,000 55,429 74,625
Hercules Inc. . . . . . . . . . . . . . . 600 24,039 68,100
Imcera Group Inc. . . . . . . . . . . . . 1,100 37,137 36,988
Monsanto Co. . . . . . . . . . . . . . . . 1,700 98,559 124,738
Morton International Inc. . . . . . . . . 700 36,335 65,450
Nalco Chemical Co. . . . . . . . . . . . 400 11,501 15,000
PPG Industries Inc. . . . . . . . . . . . 1,400 70,058 106,225
Praxair Inc. Co. . . . . . . . . . . . . . 1,975 25,022 32,834
Raychem Corp. . . . . . . . . . . . . . . 300 10,428 11,250
Rohm & Haas Co. . . . . . . . . . . . . . 700 30,757 41,650
Safety Kleen Corp. . . . . . . . . . . . . 450 11,252 7,313
Union Carbide Corp. . . . . . . . . . . . 2,375 27,417 53,141
---------------- ----------------
TOTAL CHEMICAL . . . . . . . . . . . . 1,212,054 1,461,502
CONTAINER
ACX Technologies Inc. . . . . . . . . . . 1 16 27
Crown Cork & Seal Inc. . . . . . . . . . . 700 15,392 29,313
Stone Container Corp. . . . . . . . . . . 1,420 21,928 13,668
Temple Inland Inc. . . . . . . . . . . . . 300 10,314 15,113
---------------- ----------------
TOTAL CONTAINER . . . . . . . . . . . . 47,650 58,121
</TABLE>
S-3
<PAGE> 17
SCHEDULE I
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
SHARES OR APPROXIMATE
PRINCIPAL MARKET
AMOUNT COST VALUE
----------- -------------- ---------------
<S> <C> <C> <C>
COSMETIC
Avon Products Inc. . . . . . . . . . . . . 1,100 47,802 53,488
Gillette Co. . . . . . . . . . . . . . . . 3,000 133,429 178,875
International Flavors & Fragrances Inc. . 500 45,182 56,875
---------------- ----------------
TOTAL COSMETIC . . . . . . . . . . . . 226,413 289,238
DRUG
Abbott Labs . . . . . . . . . . . . . . . 10,700 280,651 316,988
American Home Products Corp. . . . . . . . 3,900 262,428 252,525
Bristol-Myers Squibb Co. . . . . . . . . . 6,600 458,819 384,450
Eli Lilly & Co. . . . . . . . . . . . . . 3,900 281,134 231,563
McKesson Corp. . . . . . . . . . . . . . . 300 15,047 16,200
Merck & Co. Inc. . . . . . . . . . . . . . 16,000 624,950 550,000
Pfizer Inc. . . . . . . . . . . . . . . . 3,800 227,246 262,200
Schering Plough Corp. . . . . . . . . . . 2,600 149,420 178,100
Syntex Corp. . . . . . . . . . . . . . . . 3,200 102,525 50,800
Upjohn Co. . . . . . . . . . . . . . . . . 2,200 86,597 63,800
Warner Lambert Co. . . . . . . . . . . . . 1,800 123,998 121,500
---------------- ----------------
TOTAL DRUG . . . . . . . . . . . . . . 2,612,815 2,428,126
ELECTRICAL EQUIPMENT
Emerson Electric Co. . . . . . . . . . . . 3,000 144,919 180,750
General Electric Co. . . . . . . . . . . . 10,800 805,111 1,132,650
W W Grainger Inc. . . . . . . . . . . . . 800 36,921 46,000
ITT Corp. . . . . . . . . . . . . . . . . 1,600 98,547 146,000
Tyco Labs Inc. . . . . . . . . . . . . . . 700 29,553 36,138
Westinghouse Electric Corp. . . . . . . . 5,100 104,597 72,038
---------------- ----------------
TOTAL ELECTRICAL EQUIPMENT . . . . . . 1,219,648 1,613,576
ELECTRICAL HOUSEHOLD APPLIANCES
Maytag Corp. . . . . . . . . . . . . . . . 800 14,404 14,400
Whirlpool Corp. . . . . . . . . . . . . . 1,000 33,643 66,500
---------------- ----------------
TOTAL ELECTRICAL HOUSEHOLD
APPLIANCES . . . . . . . . . . . . . 48,047 80,900
ELECTRONICS
Advanced Micro Devices Inc. . . . . . . . 1,600 21,997 28,400
Allied Signal Inc. . . . . . . . . . . . . 1,900 80,999 150,100
AMP Inc. . . . . . . . . . . . . . . . . . 1,400 74,247 88,375
DSC Communications Corp. . . . . . . . . . 900 15,294 55,350
E-Systems Inc. . . . . . . . . . . . . . . 200 7,501 8,675
Hewlett Packard Co. . . . . . . . . . . . 3,300 185,994 260,700
Intel Corp. . . . . . . . . . . . . . . . 5,400 177,934 334,800
Litton Industries Inc. . . . . . . . . . . 200 7,463 12,900
Motorola Inc. . . . . . . . . . . . . . . 3,500 154,481 322,875
National Semiconductor Corp. . . . . . . . 2,000 18,160 32,500
</TABLE>
S-4
<PAGE> 18
SCHEDULE I
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
SHARES OR APPROXIMATE
PRINCIPAL MARKET
AMOUNT COST VALUE
----------- -------------- ---------------
<S> <C> <C> <C>
ELECTRONICS (CONTINUED)
Scientific Atlanta Inc. . . . . . . . . . 850 16,317 28,475
Texas Instruments Inc. . . . . . . . . . . 1,300 51,528 82,550
---------------- ----------------
TOTAL ELECTRONICS . . . . . . . . . . . 811,915 1,405,700
FINANCE
American Express Co. . . . . . . . . . . . 6,100 151,415 188,338
Beneficial Corp. . . . . . . . . . . . . . 400 15,726 15,300
Dean Witter Discover & Co. . . . . . . . . 2,417 74,354 83,689
Federal Home Loan Mortgage Corp. . . . . . 2,400 102,050 119,700
Federal National Mortgage
Association . . . . . . . . . . . . . . 3,400 195,341 266,900
Fleet Financial Group Inc. . . . . . . . . 1,200 29,416 40,050
PNC Financial Corp. . . . . . . . . . . . 2,400 47,254 69,600
Primerica Corp. . . . . . . . . . . . . . 3,200 67,151 124,400
Salomon Inc. . . . . . . . . . . . . . . . 1,400 37,255 66,675
---------------- ----------------
TOTAL FINANCE . . . . . . . . . . . . . 719,962 974,652
FOOD
Archer Daniels Midland Co. . . . . . . . . 4,566 111,714 103,877
Borden Inc. . . . . . . . . . . . . . . . 2,400 68,030 40,800
CPC International Inc. . . . . . . . . . . 2,100 88,173 100,013
Campbell Soup Co. . . . . . . . . . . . . 3,000 108,184 123,000
Conagra Inc. . . . . . . . . . . . . . . . 2,350 68,154 61,981
General Mills Inc. . . . . . . . . . . . . 2,200 131,917 133,650
Gerber Products Co. . . . . . . . . . . . 1,100 33,011 31,213
H J Heinz Co. . . . . . . . . . . . . . . 3,400 125,301 121,975
Hershey Foods Corp. . . . . . . . . . . . 600 24,733 29,400
Kellogg Co. . . . . . . . . . . . . . . . 3,000 152,341 170,250
Pet Inc. . . . . . . . . . . . . . . . . . 1,400 27,444 24,500
Pioneer Hi Bred International Inc. . . . . 1,400 51,553 54,600
Premark Intl. Inc. . . . . . . . . . . . . 500 24,828 40,125
Quaker Oats Co. . . . . . . . . . . . . . 1,000 60,737 71,000
Ralston Purina Co. . . . . . . . . . . . . 1,300 63,169 51,675
Sara Lee Corp. . . . . . . . . . . . . . . 6,300 144,773 157,500
Sysco Corp. . . . . . . . . . . . . . . . 2,600 54,219 76,050
Wendy's International Inc. . . . . . . . . 2,000 19,048 34,750
Whitman Corp. . . . . . . . . . . . . . . 700 6,949 11,375
Wm. Wrigley Jr. Co. . . . . . . . . . . . 900 21,791 39,713
---------------- ----------------
TOTAL FOOD . . . . . . . . . . . . . . 1,386,069 1,477,447
HOME FURNISHINGS
Newell Co. . . . . . . . . . . . . . . . . 1,300 45,612 52,488
HOTEL - MOTEL
Hilton Hotels Corp. . . . . . . . . . . . 200 10,276 12,150
Promus Cos. Inc. . . . . . . . . . . . . . 1,500 22,880 68,625
---------------- ----------------
TOTAL HOTEL - MOTEL . . . . . . . . . . 33,156 80,775
</TABLE>
S-5
<PAGE> 19
SCHEDULE I
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
SHARES OR APPROXIMATE
PRINCIPAL MARKET
AMOUNT COST VALUE
----------- -------------- ---------------
<S> <C> <C> <C>
HOTEL - RESTAURANT
McDonalds Corp. . . . . . . . . . . . . . 4,600 178,086 262,200
Shoneys Inc. . . . . . . . . . . . . . . . 800 19,808 18,500
---------------- ----------------
TOTAL HOTEL - RESTAURANT . . . . . . . 197,894 280,700
INSURANCE
Aetna Life & Casualty Co. . . . . . . . . 1,200 54,904 72,450
American General Corp. . . . . . . . . . . 3,000 75,251 85,875
American International Group Inc. . . . . 4,037 258,564 354,247
Cigna Corp. . . . . . . . . . . . . . . . 800 42,205 50,200
CNA Financial Corp. . . . . . . . . . . . 500 39,202 38,750
Capital Holdings Corp. . . . . . . . . . . 1,500 44,735 55,688
Chubb Corp. . . . . . . . . . . . . . . . 1,300 88,679 101,238
Continental Corp. . . . . . . . . . . . . 300 9,115 8,288
General Re Corp. . . . . . . . . . . . . . 1,100 104,474 117,700
Jefferson Pilot Corp. . . . . . . . . . . 300 8,451 14,063
Lincoln National Corp. . . . . . . . . . . 900 29,860 39,150
Marsh & McLennan Cos. Inc. . . . . . . . . 1,000 80,195 81,250
Safeco Corp. . . . . . . . . . . . . . . . 1,000 45,450 55,000
St. Paul Cos. Inc. . . . . . . . . . . . . 600 40,710 53,925
Torchmark Corp. . . . . . . . . . . . . . 750 31,323 33,750
Travelers Corp. . . . . . . . . . . . . . 1,000 27,321 31,125
USF&G Corp. . . . . . . . . . . . . . . . 800 22,908 11,800
---------------- ----------------
TOTAL INSURANCE . . . . . . . . . . . . 1,003,347 1,204,499
INVESTMENT COMPANIES
Avery Dennison Corp. . . . . . . . . . . . 600 14,853 17,625
MBNA Corp. . . . . . . . . . . . . . . . . 1,600 36,962 53,400
Merrill Lynch & Co. Inc. . . . . . . . . . 2,600 57,322 109,200
Wachovia Corp. . . . . . . . . . . . . . . 1,900 73,920 63,650
---------------- ----------------
TOTAL INVESTMENT COMPANIES . . . . . . 183,057 243,875
LEISURE AND RECREATION
American Greetings Corp. . . . . . . . . . 1,200 24,778 40,800
Brunswick Corp. . . . . . . . . . . . . . 700 9,891 12,600
Hasbro Inc. . . . . . . . . . . . . . . . 1,250 33,183 45,313
Mattel Inc. . . . . . . . . . . . . . . . 1,500 26,282 41,438
Walt Disney Co. . . . . . . . . . . . . . 6,900 227,014 294,113
---------------- ----------------
TOTAL LEISURE AND RECREATION . . . . . 321,148 434,264
MACHINERY - AGRICULTURE
Deere & Co. . . . . . . . . . . . . . . . 1,200 65,983 88,800
</TABLE>
S-6
<PAGE> 20
SCHEDULE I
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
SHARES OR APPROXIMATE
PRINCIPAL MARKET
AMOUNT COST VALUE
----------- -------------- ---------------
<S> <C> <C> <C>
MACHINERY - TOOLS
Black & Decker Corp. . . . . . . . . . . . 1,000 15,629 19,750
Giddings & Lewis Inc. . . . . . . . . . . 900 20,387 23,175
Illinois Tool Works Inc. . . . . . . . . . 800 21,602 31,200
Snap-On Tools Corp. . . . . . . . . . . . 200 7,226 7,575
---------------- ----------------
TOTAL MACHINERY - TOOLS . . . . . . . . 64,844 81,700
MACHINERY - OTHER
Bally Manufacturing Corp. . . . . . . . . 1,700 17,663 14,450
Caterpillar Inc. . . . . . . . . . . . . . 1,400 76,222 124,600
Cooper Industries Inc. . . . . . . . . . . 1,600 76,384 78,800
Dover Corp. . . . . . . . . . . . . . . . 400 15,252 24,300
Dresser Industries Inc. . . . . . . . . . 2,300 43,862 47,725
Harnischfeger Industries Inc. . . . . . . 600 12,303 13,500
Ingersoll Rand Co. . . . . . . . . . . . . 1,600 44,157 61,200
Millipore Corp. . . . . . . . . . . . . . 200 6,676 8,000
Pall Corporation . . . . . . . . . . . . . 1,666 29,718 30,613
TRW Inc. . . . . . . . . . . . . . . . . . 900 52,910 62,325
Textron Inc. . . . . . . . . . . . . . . . 900 30,083 52,425
---------------- ----------------
TOTAL MACHINERY - OTHER . . . . . . . . 405,230 517,938
MEDICAL SUPPLY AND SERVICE
Alza Corp. . . . . . . . . . . . . . . . . 1,300 48,547 36,725
Amgen Inc. . . . . . . . . . . . . . . . . 1,900 109,273 94,050
C R Bard Inc. . . . . . . . . . . . . . . 200 3,151 5,050
Bausch & Lomb Inc. . . . . . . . . . . . . 900 40,071 46,125
Baxter International Inc. . . . . . . . . 3,500 99,678 85,313
Becton Dickinson & Co. . . . . . . . . . . 1,000 32,702 35,750
Biomet Inc. . . . . . . . . . . . . . . . 1,800 36,409 18,450
Columbia Healthcare Corp. . . . . . . . . 1,588 36,947 52,603
Community Psychiatric Centers . . . . . . 1,000 15,278 14,000
Johnson & Johnson . . . . . . . . . . . . 8,400 376,546 376,950
Medtronic Inc. . . . . . . . . . . . . . . 900 55,158 73,913
National Medical Enterprises Inc. . . . . 2,200 38,230 30,800
St. Jude Medical Inc. . . . . . . . . . . 900 38,697 23,850
Shared Medical Systems Corp. . . . . . . . 500 10,205 12,438
United States Surgical Corp. . . . . . . . 1,100 70,940 24,750
---------------- ----------------
TOTAL MEDICAL SUPPLY AND SERVICE . . . 1,011,832 930,767
METALS - ALUMINUM
Aluminum Co. of America . . . . . . . . . 1,200 77,049 83,250
Reynolds Metals Co. . . . . . . . . . . . 800 42,936 36,300
---------------- ----------------
TOTAL METALS - ALUMINUM . . . . . . . . 119,985 119,550
</TABLE>
S-7
<PAGE> 21
SCHEDULE I
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
SHARES OR APPROXIMATE
PRINCIPAL MARKET
AMOUNT COST VALUE
----------- -------------- ---------------
<S> <C> <C> <C>
METALS - STEEL
Bethlehem Steel Corp. . . . . . . . . . . 1,100 17,621 22,413
Nucor Corp. . . . . . . . . . . . . . . . 1,200 28,828 63,600
USX Corp. - US Steel Group . . . . . . . 1,160 30,564 50,170
Worthington Industries Inc. . . . . . . . 1,350 17,777 27,675
---------------- ----------------
TOTAL METALS - STEEL . . . . . . . . . 94,790 163,858
METALS - OTHER
Amax Inc. . . . . . . . . . . . . . . . . 1,750 42,350 45,281
Asarco Inc. . . . . . . . . . . . . . . . 400 10,192 9,150
Engelhard Corp. . . . . . . . . . . . . . 675 12,572 16,453
Homestake Mining Co. . . . . . . . . . . . 2,300 33,105 50,600
Newmont Mining Corp. . . . . . . . . . . . 1,100 44,917 63,388
Phelps Dodge Corp. . . . . . . . . . . . . 1,200 42,166 58,500
---------------- ----------------
TOTAL METALS - OTHER . . . . . . . . . 185,302 243,372
MISCELLANEOUS
Marriott International Corp. . . . . . . . 500 9,918 14,500
Price/Costco Inc. . . . . . . . . . . . . 3,691 71,297 71,052
Supervalu Inc. Co. . . . . . . . . . . . . 500 14,253 18,125
Variety Corp. . . . . . . . . . . . . . . 700 23,111 31,325
Yellow Corp. . . . . . . . . . . . . . . . 500 14,540 12,438
---------------- ----------------
TOTAL MISCELLANEOUS . . . . . . . . . . 133,119 147,440
OFFICE EQUIPMENT
Alco Standard Corp. . . . . . . . . . . . 400 16,238 21,900
Amdahl Corp. . . . . . . . . . . . . . . . 900 13,617 5,400
Apple Computer Inc. . . . . . . . . . . . 1,800 80,268 52,650
Autodesk Inc. . . . . . . . . . . . . . . 600 22,477 27,000
Automatic Data Processing Inc. . . . . . . 1,900 70,140 104,975
Cisco Systems Inc. . . . . . . . . . . . . 1,500 98,438 96,938
Compaq Computer Corp. . . . . . . . . . . 1,000 41,018 73,875
Computer Associates International Inc. . . 2,500 32,942 100,000
Computer Sciences Corp. . . . . . . . . . 200 9,551 19,900
Cray Research Inc. . . . . . . . . . . . . 400 17,989 10,250
Data General Corp. . . . . . . . . . . . . 800 11,502 7,500
Digital Equipment Corp. . . . . . . . . . 1,800 103,744 61,650
Honeywell Inc. . . . . . . . . . . . . . . 1,900 54,816 65,075
Intergraph Corp. . . . . . . . . . . . . . 200 4,802 2,125
International Business Machines Corp. . . 6,900 642,684 389,850
Lotus Development Corp. . . . . . . . . . 700 20,028 38,500
</TABLE>
S-8
<PAGE> 22
SCHEDULE I
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
SHARES OR APPROXIMATE
PRINCIPAL MARKET
AMOUNT COST VALUE
----------- -------------- ---------------
<S> <C> <C> <C>
OFFICE EQUIPMENT (CONTINUED)
Minnesota Mining & Manufacturing Co. . . . 2,800 260,556 304,500
Novell Inc. . . . . . . . . . . . . . . . 4,300 110,137 89,225
Oracle Systems Corp. . . . . . . . . . . . 3,900 46,975 112,125
Pitney Bowes Inc. . . . . . . . . . . . . 1,400 37,378 57,925
Sun Microsystems . . . . . . . . . . . . . 1,700 54,795 49,513
Tandem Computers Inc. . . . . . . . . . . 1,800 32,664 19,575
Unisys Corp. . . . . . . . . . . . . . . . 2,300 22,312 29,038
Xerox Corp. . . . . . . . . . . . . . . . 1,300 81,027 116,188
---------------- ----------------
TOTAL OFFICE EQUIPMENT . . . . . . . . 1,886,098 1,855,677
OIL - DOMESTIC
Amerada Hess Corp. . . . . . . . . . . . . 1,300 60,476 58,663
Amoco Corp. . . . . . . . . . . . . . . . 6,400 327,246 338,400
Atlantic Richfield Co. . . . . . . . . . . 2,100 236,334 221,025
Burlington Res. Inc. . . . . . . . . . . . 1,900 86,163 80,513
Chevron Corp. . . . . . . . . . . . . . . 4,200 304,507 365,925
Kerr McGee Corp. . . . . . . . . . . . . . 300 13,689 13,575
Louisiana Land & Exploration Co. . . . . . 100 4,855 4,013
Maxus Energy Corp. . . . . . . . . . . . . 2,000 13,505 11,000
Occidental Petroleum Corp. . . . . . . . . 4,000 82,783 68,000
Pennzoil Co. . . . . . . . . . . . . . . . 300 22,501 16,013
Phillips Petroleum Co. . . . . . . . . . . 3,500 88,199 101,500
Sun Company Inc. . . . . . . . . . . . . . 600 22,878 17,625
Tenneco Inc. . . . . . . . . . . . . . . . 2,300 101,565 121,038
Unocal Corp. . . . . . . . . . . . . . . . 3,400 87,407 94,775
Williams Cos. . . . . . . . . . . . . . . 1,600 34,909 39,000
---------------- ----------------
TOTAL OIL - DOMESTIC . . . . . . . . . . . 1,487,017 1,551,065
OIL - INTERNATIONAL
Exxon Corp. . . . . . . . . . . . . . . . 15,400 873,372 972,125
Mobil Corp. . . . . . . . . . . . . . . . 5,100 333,449 403,538
Texaco Inc. . . . . . . . . . . . . . . . 3,400 202,140 220,150
---------------- ----------------
TOTAL OIL - INTERNATIONAL . . . . . . . 1,408,961 1,595,813
OIL - SERVICE
Ashland Oil Inc. . . . . . . . . . . . . . 400 14,602 13,650
Baker Hughes Inc. . . . . . . . . . . . . 2,000 45,021 40,000
Coastal Corp. . . . . . . . . . . . . . . 1,400 38,213 39,550
Foster Wheeler Corp. . . . . . . . . . . . 300 8,101 10,050
Halliburton Co. . . . . . . . . . . . . . 1,800 63,996 57,375
McDermott International Inc. . . . . . . . 800 20,631 21,200
Oryx Energy Co. . . . . . . . . . . . . . 1,000 31,603 17,250
Sante Fe Energy Reserve Inc. . . . . . . . 361 10,023 3,339
Schlumberger Ltd. . . . . . . . . . . . . 3,200 191,073 189,200
USX Corp. - Marathon Oil Co. . . . . . . . 4,000 89,299 66,000
---------------- ----------------
TOTAL OIL - SERVICE . . . . . . . . . . 512,562 457,614
</TABLE>
S-9
<PAGE> 23
SCHEDULE I
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
SHARES OR APPROXIMATE
PRINCIPAL MARKET
AMOUNT COST VALUE
----------- -------------- ---------------
<S> <C> <C> <C>
PAPER
International Paper Co. . . . . . . . . . 1,700 103,582 115,175
James River Corp. . . . . . . . . . . . . 500 13,003 9,625
Kimberly Clark Corp. . . . . . . . . . . . 2,200 98,936 114,125
Mead Corp. . . . . . . . . . . . . . . . . 400 13,152 18,000
Scott Paper Co. . . . . . . . . . . . . . 1,200 43,056 49,350
Union Camp Corp. . . . . . . . . . . . . . 1,100 45,810 52,388
Westvaco Corp. . . . . . . . . . . . . . . 400 10,602 14,250
---------------- ----------------
TOTAL PAPER . . . . . . . . . . . . . . 328,141 372,913
PHOTOGRAPHIC
Eastman Kodak Co. . . . . . . . . . . . . 4,200 191,174 236,250
Polaroid Corp. . . . . . . . . . . . . . . 400 16,402 13,400
---------------- ----------------
TOTAL PHOTOGRAPHIC . . . . . . . . . . 207,576 249,650
POLLUTION CONTROL
Browning Ferris Industries Inc. . . . . . 2,500 68,396 64,375
WMX Technologies Inc. . . . . . . . . . . 6,400 249,957 168,800
---------------- ----------------
TOTAL POLLUTION CONTROL . . . . . . . . 318,353 233,175
PUBLISHING
DeLuxe Corporation . . . . . . . . . . . . 1,400 49,049 50,750
R R Donnelley & Sons Co. . . . . . . . . . 2,100 49,381 65,363
Dow Jones & Co. Inc. . . . . . . . . . . . 700 17,679 25,025
Dun & Bradstreet Corp. . . . . . . . . . . 2,400 121,070 147,900
Gannett Inc. . . . . . . . . . . . . . . . 2,100 87,527 120,225
Knight-Ridder Inc. . . . . . . . . . . . . 900 49,102 53,775
McGraw Hill Inc. . . . . . . . . . . . . . 800 46,303 54,100
New York Times Co. . . . . . . . . . . . . 700 17,046 18,375
Time Warner Inc. . . . . . . . . . . . . . 4,920 133,918 217,710
Times Mirror Co. . . . . . . . . . . . . 800 24,648 26,700
Tribune Co. . . . . . . . . . . . . . . . 400 17,952 24,050
---------------- ----------------
TOTAL PUBLISHING . . . . . . . . . . . 613,675 803,973
REAL ESTATE
Household International Corp. . . . . . . 1,000 32,660 32,625
RETAILING
Albertsons Inc. . . . . . . . . . . . . . 3,600 67,785 96,300
American Stores Co. . . . . . . . . . . . 900 27,827 38,700
Charming Shoppes Inc. . . . . . . . . . . 2,200 23,231 26,125
Circuit City Stores Inc. . . . . . . . . . 1,600 22,767 34,800
Dayton Hudson Corp. . . . . . . . . . . . 1,000 66,212 66,625
</TABLE>
S-10
<PAGE> 24
SCHEDULE I
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
SHARES OR APPROXIMATE
PRINCIPAL MARKET
AMOUNT COST VALUE
----------- -------------- ---------------
<S> <C> <C> <C>
RETAILING (CONTINUED)
Dillard Department Stores Inc. . . . . . . 1,700 61,334 64,600
Fleming Companies Inc. . . . . . . . . . . 500 16,827 12,375
GAP Stores Inc. . . . . . . . . . . . . . 2,100 69,149 82,688
Giant Food Inc. . . . . . . . . . . . . . 400 11,052 10,300
Great Atlantic & Pacific Tea Co. Inc. . . 200 11,251 5,400
Harcourt General Inc. . . . . . . . . . . 400 8,102 14,500
K Mart Corp. . . . . . . . . . . . . . . . 5,400 111,496 116,100
The Kroger Co. . . . . . . . . . . . . . . 600 12,593 12,075
Limited Inc. . . . . . . . . . . . . . . . 5,000 124,315 85,000
Lowes Companies Inc. . . . . . . . . . . . 1,100 33,209 65,450
May Department Stores Co. . . . . . . . . 3,000 80,732 118,125
Mercantile Stores Inc. . . . . . . . . . . 200 8,301 7,250
Nordstrom Inc. . . . . . . . . . . . . . . 1,400 45,963 46,200
J C Penney Inc. . . . . . . . . . . . . . 3,100 102,437 163,138
Rite Aid Corp. . . . . . . . . . . . . . . 1,200 22,994 19,050
Sears Roebuck & Co. . . . . . . . . . . . 4,200 122,563 222,075
Sherwin Williams Co. . . . . . . . . . . . 600 12,702 21,450
TJX Cos Inc. . . . . . . . . . . . . . . . 1,000 27,280 29,125
Tandy Corp. . . . . . . . . . . . . . . . 533 20,784 26,384
Toys R Us Inc. . . . . . . . . . . . . . . 3,950 122,332 161,456
Wal Mart Stores Inc. . . . . . . . . . . . 29,100 664,842 727,500
Walgreen Co. . . . . . . . . . . . . . . . 1,000 30,166 40,875
Winn Dixie Stores Inc. . . . . . . . . . . 600 20,101 32,175
Woolworth Corp. . . . . . . . . . . . . . 1,500 43,006 38,063
---------------- ----------------
TOTAL RETAILING . . . . . . . . . . . . 1,991,353 2,383,904
SAVINGS AND LOAN
H F Ahmanson & Co. . . . . . . . . . . . . 1,600 28,576 31,400
Golden West Financial Corp. . . . . . . . 500 16,443 19,500
Great Western Financial Corp. . . . . . . 2,300 41,657 46,000
---------------- ----------------
TOTAL SAVINGS AND LOAN . . . . . . . . 86,676 96,900
SERVICE
Dial Corp. . . . . . . . . . . . . . . . . 600 20,023 24,225
H & R Block, Inc. . . . . . . . . . . . . 1,600 47,600 65,200
Interpublic Group . . . . . . . . . . . . 1,400 43,366 44,800
National Service Industries Inc. . . . . . 200 5,292 5,125
Service Corp. International . . . . . . . 1,050 15,090 27,563
Transamerica Corp. . . . . . . . . . . . . 800 37,187 45,400
---------------- ----------------
TOTAL SERVICE . . . . . . . . . . . . . 168,558 212,313
SOAP
Clorox Co. . . . . . . . . . . . . . . . . 400 17,552 21,700
Colgate Palmolive Co. . . . . . . . . . . 2,200 101,893 137,225
Procter & Gamble Co. . . . . . . . . . . . 8,700 387,755 495,900
---------------- ----------------
TOTAL SOAP . . . . . . . . . . . . . . 507,200 654,825
</TABLE>
S-11
<PAGE> 25
SCHEDULE I
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
SHARES OR APPROXIMATE
PRINCIPAL MARKET
AMOUNT COST VALUE
----------- -------------- ---------------
<S> <C> <C> <C>
TEXTILES AND APPAREL
Corning Inc. . . . . . . . . . . . . . . . 2,900 95,982 81,200
Liz Claiborne Inc. . . . . . . . . . . . . 1,300 48,622 29,412
Melville Corp. . . . . . . . . . . . . . . 1,300 58,408 52,813
Nike Inc. . . . . . . . . . . . . . . . . 700 40,569 32,375
Oshkosh B Gosh Inc. . . . . . . . . . . . 200 7,001 3,900
Reebok International Ltd. . . . . . . . . 1,400 34,633 42,000
Stride Rite Corp. . . . . . . . . . . . . 1,000 19,256 16,375
V F Corp. . . . . . . . . . . . . . . . . 1,000 42,887 46,125
---------------- ----------------
TOTAL TEXTILES AND APPAREL . . . . . . 347,358 304,200
TIRE AND RUBBER
B F Goodrich Co. . . . . . . . . . . . . . 300 13,652 12,075
Cooper Tire & Rubber . . . . . . . . . . . 1,400 22,985 35,000
Goodyear Tire & Rubber . . . . . . . . . . 2,000 50,600 91,500
Rubbermaid Inc. . . . . . . . . . . . . . 1,500 37,440 52,125
---------------- ----------------
TOTAL TIRE AND RUBBER . . . . . . . . . 124,677 190,700
TOBACCO
American Brands Inc. . . . . . . . . . . . 2,700 105,319 89,775
Philip Morris Companies Inc. . . . . . . . 10,600 637,319 589,625
UST Inc. . . . . . . . . . . . . . . . . . 3,000 74,098 83,250
---------------- ----------------
TOTAL TOBACCO . . . . . . . . . . . . . 816,736 762,650
TRANSPORTATION - AIR TRANSPORT
AMR Corp. . . . . . . . . . . . . . . . . 900 56,713 60,300
Delta Air Lines Inc. . . . . . . . . . . . 800 49,502 43,700
UAL Corp. . . . . . . . . . . . . . . . . 400 53,890 58,400
US Air Group Inc. . . . . . . . . . . . . 1,300 20,657 16,738
---------------- ----------------
TOTAL TRANSPORTATION -
AIR TRANSPORT . . . . . . . . . . . 180,762 179,138
TRANSPORTATION - OTHER
Burlington Northern Inc. . . . . . . . . . 1,300 51,333 75,238
CSX Corp. . . . . . . . . . . . . . . . . 1,500 75,485 122,813
Consolidated Freightways Inc. . . . . . . 600 9,828 14,175
Consolidated Rail Corp. . . . . . . . . . 1,200 40,944 80,250
Federal Express Corp. . . . . . . . . . . 700 34,686 49,613
Norfolk Southern Corp. . . . . . . . . . . 1,500 72,481 105,750
Roadway Services Inc. . . . . . . . . . . 600 31,140 36,000
Ryder Systems Inc. . . . . . . . . . . . . 600 11,565 15,900
Santa Fe Southern Pacific Corp. . . . . . 1,509 15,827 33,575
Union Pacific Corp. . . . . . . . . . . . 2,600 119,691 162,825
---------------- ----------------
TOTAL TRANSPORTATION - OTHER . . . . . 462,980 696,139
</TABLE>
S-12
<PAGE> 26
SCHEDULE I
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
SHARES OR APPROXIMATE
PRINCIPAL MARKET
AMOUNT COST VALUE
----------- -------------- ---------------
<S> <C> <C> <C>
TV AND RADIO BROADCASTERS
Blockbuster Entertainment Corp. . . . . . 3,000 44,786 91,875
CBS Inc. . . . . . . . . . . . . . . . . . 203 38,016 58,566
Capital Cities/ABC Inc. . . . . . . . . . 200 80,906 123,900
Comcast Corp. . . . . . . . . . . . . . . 1,100 37,056 39,600
Tele-Communications Inc. . . . . . . . . . 5,200 88,035 157,300
---------------- ----------------
TOTAL TV AND RADIO BROADCASTERS . . . . 288,799 471,241
UTILITY - ELECTRIC
American Electric Power Co. Inc. . . . . . 2,500 80,188 92,813
Baltimore Gas & Electric Co. . . . . . . . 1,250 27,143 31,719
Carolina Power & Light Co. . . . . . . . . 1,500 38,205 45,188
Central & South West Corp. . . . . . . . . 2,600 66,606 78,650
Commonwealth Edison Co. . . . . . . . . . 2,700 89,643 75,938
Consolidated Edison Co. of N.Y. Inc. . . . 3,200 89,019 102,800
Detroit Edison Co. . . . . . . . . . . . . 1,800 54,245 54,000
Dominion Resources Inc. (VA) . . . . . . . 1,800 61,577 81,675
Duke Power Co. . . . . . . . . . . . . . . 2,400 74,718 101,700
Entergy Corp. . . . . . . . . . . . . . . 2,400 61,769 86,400
FPL Group Inc. . . . . . . . . . . . . . . 2,600 90,246 101,725
Houston Industries Inc. . . . . . . . . . 1,800 71,821 85,725
Niagara Mohawk Power Corp. . . . . . . . . 2,100 36,400 42,525
Northern States Power Co. (MN) . . . . . . 400 14,302 17,250
Ohio Edison Co. . . . . . . . . . . . . . 1,000 20,255 22,750
PSI Res. Inc. . . . . . . . . . . . . . . 900 23,292 23,850
Pacific Gas & Electric Co. . . . . . . . . 5,700 162,949 200,213
Pacificorp . . . . . . . . . . . . . . . . 3,400 72,946 65,450
Philadelphia Electric Co. . . . . . . . . 3,000 66,634 90,750
Public Service Enterprise Group Inc. . . . 3,200 90,194 102,400
SCECorp . . . . . . . . . . . . . . . . . 6,200 132,801 124,000
Southern Co. . . . . . . . . . . . . . . . 4,200 134,018 185,325
Texas Utilities Co. . . . . . . . . . . . 3,000 121,584 129,750
Union Electric Co. . . . . . . . . . . . . 800 28,421 31,400
---------------- ----------------
TOTAL UTILITY - ELECTRIC . . . . . . . 1,708,976 1,973,996
UTILITY - NATURAL GAS
Arkla Inc. . . . . . . . . . . . . . . . . 2,400 31,477 18,900
Columbia Gas Systems Inc. . . . . . . . . 300 13,351 6,713
Consolidated Natural Gas Co. . . . . . . . 1,000 47,770 47,000
Enron Corp. . . . . . . . . . . . . . . . 3,300 61,772 95,700
Enserch Corp. . . . . . . . . . . . . . . 800 15,372 13,000
Nicor Inc. . . . . . . . . . . . . . . . . 200 4,630 5,600
Pacific Enterprises . . . . . . . . . . . 400 17,702 9,500
Panhandle Eastern Corp. . . . . . . . . . 1,900 38,512 45,125
Sonat Inc. . . . . . . . . . . . . . . . . 1,500 33,807 43,313
---------------- ----------------
TOTAL UTILITY - NATURAL GAS . . . . . . 264,393 284,851
UTILITY - TELEPHONE
American Telephone & Telegraph Co. . . . . 16,819 716,128 882,998
Ameritech Corp. . . . . . . . . . . . . . 3,500 239,423 268,625
</TABLE>
S-13
<PAGE> 27
SCHEDULE I
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
SHARES OR APPROXIMATE
PRINCIPAL MARKET
AMOUNT COST VALUE
----------- -------------- ---------------
<S> <C> <C> <C>
UTILITY -TELEPHONE (CONTINUED)
Bell Atlantic Corp. . . . . . . . . . . . 5,600 287,481 331,800
BellSouth Corp. . . . . . . . . . . . . . 6,000 317,270 348,000
GTE Corp. . . . . . . . . . . . . . . . . 12,100 401,780 423,500
MCI Communications Corp. . . . . . . . . . 7,200 135,641 203,400
McCaw Cellular Communications Inc. . . . . 2,000 108,952 101,000
NYNEX Corp. . . . . . . . . . . . . . . . 5,400 222,684 216,675
Pacific Telesis Group . . . . . . . . . . 5,400 242,144 292,950
Southwestern Bell Corp. . . . . . . . . . 7,000 213,286 290,500
Sprint Corp. . . . . . . . . . . . . . . . 4,400 130,984 152,900
U S West Inc. . . . . . . . . . . . . . . 5,700 223,592 261,488
---------------- ----------------
TOTAL UTILITY - TELEPHONE . . . . . . . 3,239,365 3,773,836
VENDING AND FOOD SERVICE
Bruno's Inc. . . . . . . . . . . . . . . . 1,300 16,575 11,538
---------------- ----------------
TOTAL DOMESTIC
COMMON STOCKS . . . . . . . . . . 33,646,378 39,710,866
FOREIGN COMMON STOCKS
BEVERAGE
Seagram Ltd. . . . . . . . . . . . . . . . 4,600 114,945 120,175
ELECTRONICS
Northern Telecom Ltd. . . . . . . . . . . 2,900 106,878 89,538
FOOD
Unilever N. V. . . . . . . . . . . . . . 2,100 200,714 242,550
MACHINERY - OTHER
Echo Bay Mines Ltd. . . . . . . . . . . . 2,100 23,657 27,038
METALS - ALUMINUM
Alcan Aluminum Ltd. . . . . . . . . . . . 1,800 39,307 37,350
METALS - OTHER
American Barrick Resources Corp. . . . . . 3,900 105,417 110,663
Inco Ltd. . . . . . . . . . . . . . . . . 700 19,328 18,813
Placer Dome Inc. . . . . . . . . . . . . . 3,200 53,179 79,600
---------------- ----------------
TOTAL METALS - OTHER . . . . . . . . . 177,924 209,076
OFFICE EQUIPMENT
Moore Corp. Ltd. . . . . . . . . . . . . . 700 20,041 13,388
OIL - INTERNATIONAL
Royal Dutch Petroleum Co. . . . . . . . . 6,600 537,712 688,875
---------------- ----------------
</TABLE>
S-14
<PAGE> 28
SCHEDULE I
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
SHARES OR APPROXIMATE
PRINCIPAL MARKET
AMOUNT COST VALUE
----------- -------------- ---------------
<S> <C> <C> <C>
TOTAL FOREIGN COMMON STOCKS . . . . . . . . . 1,221,178 1,427,990
---------------- ----------------
TOTAL COMMON STOCKS . . . . . . . . 34,867,556 41,138,856
---------------- ----------------
TOTAL EQUITY FUND . . . . . . . . . 35,433,788 41,705,088
INCOME FUND
TEMPORARY INVESTMENTS
State Street Bank & Trust Company
Government Short-Term
Investment Fund . . . . . . . . . . . . . 22,259,899 22,259,899 22,259,899
Chemical Banking Corporation
Temporary Investment Fund . . . . . . . . 609,124 609,124 609,124
GUARANTEED INVESTMENT CONTRACTS
Aetna Life Insurance Co.
8.81%; interest and principal
due June 30, 1994 . . . . . . . . . . . 1,541,812 1,541,812 1,541,812
Bankers Trust Company
4.869%; interest and principal due
monthly commencing November 15,
1995; final payment due
November 15, 1997 . . . . . . . . . . . . 10,034,552 10,034,552 10,034,552
Bankers Trust Company
6.45%; interest and principal due
September 30, 1995 and
December 31, 1996 . . . . . . . . . . . . 11,189,170 11,189,170 11,189,170
Continental Assurance Co.
9.23%; interest and principal
due September 30, 1994 . . . . . . . . . 2,399,733 2,399,733 2,399,733
Continental Assurance Co.
9.15%; interest and principal
due September 30, 1994 . . . . . . . . . 1,257,624 1,257,624 1,257,624
Continental Assurance Co.
8.55%; interest and principal
due December 31, 1994 . . . . . . . . . . 1,654,897 1,654,897 1,654,897
</TABLE>
S-15
<PAGE> 29
SCHEDULE I
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
SHARES OR APPROXIMATE
PRINCIPAL MARKET
AMOUNT COST VALUE
----------- -------------- ---------------
<S> <C> <C> <C>
GUARANTEED INVESTMENT
CONTRACTS (CONTINUED)
Continental Assurance Co.
9.17%; interest and principal
due September 30, 1994 . . . . . . . . . . 938,245 938,245 938,245
J.P. Morgan
5.8%; interest and principal due
June 30, 1994, March 31, 1995
and September 30, 1995 . . . . . . . . . . 10,096,229 10,096,229 10,096,229
J.P. Morgan
5.329%; interest and principal due
semi-annually commencing July 15, 1996;
final payment due January 15, 1999 . . . . 10,273,236 10,273,236 10,273,236
Metropolitan Life Insurance Co.
8.95%; interest and principal
due December 31, 1994 . . . . . . . . . . 2,331,626 2,331,626 2,331,626
Principal Mutual Life Insurance Co.
9.04%; interest and principal due
September 30, 1995 and 1996 . . . . . . . 5,302,947 5,302,947 5,302,947
Principal Mutual Life Insurance Co.
8.10%; interest and principal due
June 30, 1995 and 1996 . . . . . . . . . 5,333,972 5,333,972 5,333,972
Prudential Insurance Company of America
7.62%; interest and principal due
June 30, 1994 and 1995 and
December 31, 1995 . . . . . . . . . . . . 5,914,255 5,914,255 5,914,255
Prudential Insurance Company of America
8.72%; interest and principal
due March 31, 1994 and
December 31, 1995 . . . . . . . . . . . . 5,610,143 5,610,143 5,610,143
</TABLE>
S-16
<PAGE> 30
SCHEDULE I
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
SHARES OR APPROXIMATE
PRINCIPAL MARKET
AMOUNT COST VALUE
----------- -------------- ---------------
<S> <C> <C> <C>
GUARANTEED INVESTMENT
CONTRACTS (CONTINUED)
Prudential Insurance Company of America
9.55%; interest and principal
due March 31, 1994 and 1995 . . . . . . . 6,217,518 6,217,518 6,217,518
Union Bank of Switzerland
4.945%; interest and principal due
November 15, 1996 and January 15, 1998 . . 10,000,000 10,000,000 10,000,000
TOTAL GUARANTEED INVESTMENT
CONTRACTS . . . . . . . . . . . . . . . . 90,095,959 90,095,959
MISCELLANEOUS . . . . . . . . . . . . . . . . 3,648,155 3,648,155 3,648,155
---------------- ----------------
TOTAL INCOME FUND . . . . . . . . . . . . . . . 116,613,137 116,613,137
BALANCED FUND
Chemical Banking Corporation
Temporary Investment Fund . . . . . . . . . 130,416 130,416 130,416
J.P. Morgan Investment Management Inc.
Liquidity Fund . . . . . . . . . . . . . . . 39 39,000 39,000
Managed Bond Fund . . . . . . . . . . . . . 20,303 2,399,562 2,450,897
Research Enhanced Index Fund . . . . . . . . 34,881 4,552,300 4,724,108
Cash . . . . . . . . . . . . . . . . . . . 43,278 43,278
---------------- ----------------
TOTAL BALANCED FUND . . . . . . . . . . . 7,164,556 7,387,699
---------------- ----------------
CLEARING FUND
Chemical Banking Corporation
Temporary Investment Fund . . . . . . . . . 337,887 337,887 337,887
---------------- ----------------
TOTAL INVESTMENTS . . . . . . . . . . . . . . . $ 210,183,451 $ 261,874,904
================ ================
</TABLE>
S-17
<PAGE> 31
EXHIBIT I
<PAGE> 32
EXHIBIT I
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-10554) pertaining to the Paramount Communications Inc.
Employees' Savings Plan (the "Plan") and in the related Prospectus of our
report dated June 17, 1994, with respect to the financial statements and
schedule of the Plan included in this Annual Report (Form 11-K) for the year
ended December 31, 1993.
New York, New York Ernst & Young
June 24, 1994
