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 15, 1995
VIACOM INC.
_________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 1-9553 04-2949533
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1515 Broadway, New York, New York 10036
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 258-6000
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Page 1 of 5 Pages
Exhibit Index Appears on Page 4
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Item 5. Other Events
On March 10, 1995, Viacom Inc. ("Viacom") completed the sale of the
operations of Madison Square Garden to a partnership of ITT Corporation and
Cablevision Systems Corporation for $1.075 billion. In accordance with the terms
of the transaction, the net proceeds were adjusted by approximately $66 million,
reflecting changes in working capital.
A copy of the press release by Viacom, dated March 10, 1995, relating to
the above-described transaction is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) The following exhibit is filed as part of this report on Form 8-K:
Exhibit 99.1 Press release by Viacom Inc., dated March 10, 1995.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
VIACOM INC.
Date: March 15, 1995 By: /s/ Michael D. Fricklas
___________________________________
Michael D. Fricklas
Senior Vice President,
Deputy General Counsel
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EXHIBIT INDEX
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Exhibit No. Description Page
Exhibit 99.1 Press Release by Viacom Inc. dated
March 10, 1995
Page 4 of 5 Pages
EXHIBIT 99.1
VIACOM INC. COMPLETES SALE OF MADISON SQUARE GARDEN
New York, New York, March 10, 1995 -- Viacom Inc. (AMEX: VIA and VIAB)
announced today the completion of the sale of the operations of Madison Square
Garden to a partnership of ITT Corporation (NYSE: ITT) and Cablevision Systems
Corporation (AMEX: CVC) for $1.075 billion. In accordance with the merger
agreement, the net proceeds were adjusted by approximately $66 million,
reflecting changes in working capital.
Viacom announced the agreement to sell Madison Square Garden, which
includes the New York facility, the resident professional sports teams -- the
Knicks and the Rangers -- and the MSG regional cable sports network, in August
1994. Proceeds from the sale will be used to repay debt.
Viacom Inc. is one of the world's largest entertainment and publishing
companies and a leading force in nearly every segment of the international media
marketplace. The operations of Viacom include Blockbuster Music; Blockbuster
Video; MTV Networks; Paramount Parks; Paramount Pictures; Paramount Television;
Showtime Networks; Simon & Schuster; Viacom Interactive Media; cable systems
serving 1.1 million customers, as well as radio and television stations; and
movie screens in 11 countries. Viacom also has a substantial interest in
Discovery Zone and a majority interest in Spelling Entertainment Group. National
Amusements, Inc., a closely held corporation which owns and operates more than
900 movie screens in the U.S. and the U.K., is the parent company of Viacom.
# # #
Contact: Carl Folta
212/258-6352
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