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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) March 10, 1994
BLOCKBUSTER ENTERTAINMENT CORPORATION
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Delaware
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(State or other jurisdiction of incorporation)
0-12700 75-1849418
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(Commission (IRS Employer
File Number) Identification No.)
One Blockbuster Plaza
Ft. Lauderdale, FL 33301
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (305) 832-3000
N.A.
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On March 10, 1994, Blockbuster Entertainment Corporation (the
"Registrant") completed the purchase from Viacom Inc. ("Viacom") of 22,727,273
shares of Viacom Class B Common Stock pursuant to the Subscription Agreement
dated January 7, 1994, between the Registrant and Viacom, for an aggregate
purchase price of $1.25 billion. A copy of the press release relating to the
foregoing is included as Exhibit 99 hereto and is incorporated herein by
reference.
The Registrant borrowed $1.0 billion of the funds required to
purchase such shares under the credit agreement dated as of February 15, 1994
(the "Credit Agreement"), with certain financial institutions named in the
Credit Agreement and Bank of America National Trust and Savings Association
("Bank of America"), for itself and as Agent, a copy of which was filed as
an exhibit to the Registrant's Current Report on Form 8-K dated February 15,
1994, and $250 million of such funds under the amended and restated credit
agreement dated as of December 22, 1993 (the "Amended and Restated Credit
Agreement") with certain financial institutions named in the Amended and
Restated Credit Agreement and Bank of America, for itself and as Agent, a
copy of which was filed as an exhibit to the Registrant's Current Report
on Form 8-K dated December 22, 1993.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable
(b) Not applicable.
(c) Exhibits.
The Exhibits to this Report are listed in the Exhibit Index set
forth elsewhere herein.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BLOCKBUSTER ENTERTAINMENT CORPORATION
By: /s/ Thomas W. Hawkins
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Thomas W. Hawkins
Senior Vice President, General Counsel
and Secretary
Date: March 11, 1994
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BLOCKBUSTER ENTERTAINMENT CORPORATION
EXHIBIT INDEX
Number and Sequential
Description of Exhibit Page Number
- ---------------------- -----------
1. None
2. None
4. None
16. None
17. None
20. None
23. None
24. None
27. None
99. Press Release, dated March 10, 1994.
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EXHIBIT 99
PRESS RELEASE, DATED MARCH 10, 1994
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NEWS FROM VIACOM
BLOCKBUSTER COMPLETES $1.25 BILLION INVESTMENT IN VIACOM
New York, New York, March 10, 1994 -- Pursuant to the terms of their
subscription agreement, Viacom Inc. (ASE: VIA and VIAB) and Blockbuster
Entertainment Corporation (NYSE: BV) announced today that Blockbuster has
purchased approximately 23 million shares of Viacom Class B Common Stock for a
total consideration of $1.25 billion. The merger of Viacom and Blockbuster
is expected to be submitted to shareholders for approval in late April or early
May.
# # #
Contact: VIACOM INC. BLOCKBUSTER ENTERTAINMENT CORPORATION
Raymond A. Boyce Wally Knief
212/258-6530 305/832-3250
EDELMAN
Scott Tagliarino
212/704-8261
