================================================================================
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 December 31, 1994 Commission file number 1-9553
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)
VIACOM INC.
_______________________________________________________________________
(Name of issuer of the securities held pursuant to the plan)
1515 Broadway
New York, New York 10036
________________________________________________
(Address of principal executive offices)
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<PAGE>
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
INDEX
<TABLE>
<S> <C> <C>
Page
----
(a) Financial Statements
Reports of Independent Accountants/Auditors....................... F-2 - F-3
Statement of Net Assets Available for Benefits,
with Fund Information-December 31, 1994 and 1993............... F-4 - F-5
Statement of Changes In Net Assets Available for
Benefits, with Fund Information-Years Ended
December 31, 1994 and 1993..................................... F-6 - F-7
Notes to Financial Statements..................................... F-8 - F-12
Schedules
I- Item 27a - Schedule of Assets Held for Investment Purposes.... S-1 - S-17
II- Item 27a - Schedule of Assets Held for Investment
Purposes which were both Acquired and Disposed of within
the Plan Year................................................. S-18 - S-20
III-Item 27d - Schedule of Reportable Transactions................ S-21
(b) Exhibits
I - Consents of Independent Accountants/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, 1995 By:-_________________________________
Rudolph L. Hertlein
Member of the
Retirement Committee
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
June 28, 1995
To the Participants and Administrator of the Paramount Communications Inc.
Employees' Savings Plan
In our opinion, the financial statements in the accompanying index present
fairly, in all material respects, the net assets available for benefits of
the Paramount Communications Inc. Employees' Savings Plan at December 31,
1994, and the changes in net assets available for benefits for the year
then ended, in conformity with generally accepted accounting principles.
These financial statements are the responsibility of the plan's management;
our responsibility is to express an opinion on these financial statements
based on our audit. We conducted our audit of these statements in
accordance with generally accepted auditing standards which 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, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for the opinion expressed above. The financial statements
of the Paramount Communications Inc. Employees' Savings Plan for the year
ended December 31, 1993 were audited by other independent accountants whose
report dated June 17, 1994, except for Note A the second paragraph of the Loan
Provision section, as to which the date is June 28, 1995, expressed an
unqualified opinion on those statements.
Our audit was performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included
in the accompanying index is presented for purposes of additional analysis
and is not a required part of the basic financial statements but is
additional information required by the Employee Retirement Income Security
Act of 1974. The Fund Information in the statement of net assets available
for benefits and the statement of changes in net assets available for
benefits is presented for purposes of additional analysis rather than to
present the net assets available for plan benefits and changes in net
assets available for benefits of each fund. The supplemental schedules and
the Fund Information have been subjected to the auditing procedures applied
in the audits of the basic financial statements and, in our opinion, are
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
Price Waterhouse LLP
New York, New York
F-2
<PAGE>
REPORT OF INDEPENDENT AUDITORS
We have audited the accompanying statement of net assets available for
benefits, with fund information of Paramount Communications Inc. Employees'
Savings Plan ("The Plan") as of December 31, 1993, and the related
statement of changes in net assets available for benefits, with fund
information for the year then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit 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 audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of the Plan
at December 31, 1993, and the changes in its net assets available for
benefits for the year then ended, in conformity with generally accepted
accounting principles.
Our audit was performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The fund information in the
statement of net assets available for benefits, with fund information and
the statement of changes in net assets available for benefits, with fund
information is presented for purposes of additional analysis rather than to
present the net assets available for benefits and changes in net assets
available for benefits of each fund. The fund information has been
subjected to the auditing procedures applied in our audit of the basic
financial statements and, in our opinion, is fairly presented in all
material respects in relation to the basic financial statements taken as a
whole.
New York, New York Ernst & Young LLP
June 17, 1994, except for Note A the
second paragraph of the Loan Provision
section, as to which the date is June 28, 1995.
F-3
<PAGE>
<TABLE><CAPTION>
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1994
Employer Fund Employee Funds
------------- ------------------------------------------------------------------
Income
Viacom Inc. Viacom Inc. Equity Investment Balanced
Stock Fund Stock Fund Fund Fund Fund
---------- ---------- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Investments:
Viacom Inc. Class B Common Stock $105,838,264 $ 4,286,248
Viacom Inc. 8% Subordinated
Exchangeable Debentures due 2006 11,308,067 1,814,256
Viacom Inc. Contingent Value Rights 2,148,410 288,127
Viacom Inc. Stock Warrants 6,309
Other 10,575,189 1,580,206 $52,516,408 $128,076,544 $17,574,314
Member loans receivable
------------- -------------- ------------ ------------- ------------
129,876,239 7,968,837 52,516,408 128,076,544 17,574,314
Employee contribution receivable 597,014 1,172,472 250,714
Dividends and interest receivable 543,791 87,710 432,352 564,937 103
Interfund receivables (payables), net 213,623 (201,160) (22,179) (77,150) 86,866
Forfeitures (260,300) 3,249
Payables to Prentice Hall Computer
Publishing Division Retirement Plan (24,935)
Payables to brokers (3,271,984) (13,000)
------------- -------------- ------------ ------------- ------------
Net assets available for benefits $127,101,369 $ 7,855,387 $53,485,660 $129,740,052 $17,911,997
============ ============== ============ ============ ===========
<CAPTION>
Clearing Combined
Fund Loans Funds
---- ----- -----
<S> <C> <C> <C>
Investments:
Viacom Inc. Class B Common Stock $110,124,512
Viacom Inc. 8% Subordinated
Exchangeable Debentures due 2006 13,122,323
Viacom Inc. Contingent Value Rights 2,436,537
Viacom Inc. Stock Warrants 6,309
Other $724,346 211,047,007
Member loans receivable $13,074,397 13,074,397
--------- ------------ -------------
724,346 13,074,397 349,811,085
Employee contribution receivable 2,020,200
Dividends and interest receivable 3,359 1,632,252
Interfund receivables (payables), net --
Forfeitures 257,051 --
Payables to Prentice Hall Computer
Publishing Division Retirement Plan (24,935)
Payables to brokers (115,782) (3,400,766)
--------- ------------ -------------
Net assets available for benefits $868,974 $13,074,397 $350,037,836
======== =========== ============
</TABLE>
See accompanying notes to the financial statements.
F-4
<PAGE>
<TABLE><CAPTION>
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION -- Restated
DECEMBER 31, 1993
Employer Fund Employee Funds
------------- -----------------------------------------------------------------
Income
Viacom Inc. Viacom Inc. Equity Investment Balanced
Stock Fund Stock Fund Fund Fund Fund
---------- ---------- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Investments:
Paramount Common Stock $60,565,151 $27,823,639
Other 490,598 6,951,705 $41,705,088 $116,613,137 $7,387,699
Member loans receivable
------------ ------------ ------------ ------------- -----------
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), net 327,170 (7,040,519) 2,902,216 1,977,424 1,833,709
Forfeitures (172,455) (13,757)
Payable to brokers (1,060,120) (98,437)
------------ ------------ ------------ ------------- -----------
Net assets available for benefits $60,351,193 $27,846,090 $44,666,222 $119,204,175 $9,247,858
=========== =========== =========== ============ ==========
<CAPTION>
Clearing Combined
Fund Loans Funds
---- ----- -----
<S> <C> <C> <C>
Investments:
Paramount Common Stock $ 88,388,790
Other $ 337,887 173,486,114
Member loans receivable $12,362,790 12,362,790
--------- ------------ -------------
337,887 12,362,790 274,237,694
Contributions receivable:
Employer 47,220
Employee 151,918
-------------
199,138
Dividends and interest receivable 850 925,002
Interfund receivables (payables), net --
Forfeitures 186,212 --
Payable to brokers (1,158,557)
--------- ------------ -------------
Net assets available for benefits $ 524,949 $12,362,790 $274,203,277
========= =========== ============
F-5
See accompanying notes to the financial statements.
<PAGE>
</TABLE>
<TABLE><CAPTION>
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND
INFORMATION
YEAR ENDED DECEMBER 31, 1994
Employer Fund Employee Funds
------------- -----------------------------------------------------------------
Income
Viacom Inc. Viacom Inc. Equity Investment Balanced
Stock Fund Stock Fund Fund Fund Fund
---------- ---------- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Additions to net assets attributable to:
Net investment income:
Dividends on common stocks $ 1,302,919
Interest income $ 2,616,062 $ 619,421 257,576 $ 6,819,357 $ 559,711
Administrative expenses
------------ ------------ ------------- ------------- ------------
2,616,062 619,421 1,560,495 6,819,357 559,711
Net realized gain on disposition
of investments 28,788,780 12,869,946 14,143
Unrealized depreciation of
investments (17,154,769) (11,322,993) (939,231) (473,683)
Contributions:
Employer 8,705,966
Employee 3,276,670 7,975,190 9,069,481 2,450,291
Rollovers from non-affiliated plans 619,552 2,020,298 3,896,045 1,877,369
Merger with Paramount Communications Inc.
Employee Stock Ownership Plan 59,260,123
------------ ------------ ------------- ------------- ------------
Total additions 82,216,162 6,062,596 10,616,752 19,784,883 4,427,831
Deductions from net assets attributable to:
Withdrawals and terminations:
Paid in cash (13,735,723) (5,991,538) (19,294,240) (1,693,299)
Paid in the Company's Common Stock (603,385) (4,464,643)
Forfeitures (1,166,409) 17,006
Interfund transfers and loan activity, net 39,531 (21,588,656) 4,194,224 10,028,228 5,929,607
------------ ------------ ------------- ------------- ------------
Total deductions (15,465,986) (26,053,299) (1,797,314) (9,249,006) 4,236,308
Net additions (deductions) 66,750,176 (19,990,703) 8,819,438 10,535,877 8,664,139
Net assets available for benefits
at beginning of year 60,351,193 27,846,090 44,666,222 119,204,175 9,247,858
------------ ------------ ------------- ------------- ------------
Net assets available for benefits at end of
year $127,101,369 $7,855,387 $53,485,660 $129,740,052 $17,911,997
============ ========== =========== ============ ===========
<CAPTION>
Clearing Combined
Fund Loans Funds
---- ----- -----
<S> <C> <C> <C>
Additions to net assets attributable to:
Net investment income:
Dividends on common stocks $ 1,302,919
Interest income $ 27,817 $ 871,199 11,771,143
Administrative expenses (833,195) (833,195)
----------- ------------ --------------
(805,378) 871,199 12,240,867
Net realized gain on disposition
of investments 41,672,869
Unrealized depreciation of
investments (29,890,676)
Contributions:
Employer 8,705,966
Employee 22,771,632
Rollovers from non-affiliated plans 8,413,264
Merger with Paramount Communications Inc.
Employee Stock Ownership Plan 59,260,123
----------- ------------ -------------
Total additions (805,378) 871,199 123,174,045
Deductions from net assets attributable to:
Withdrawals and terminations:
Paid in cash (1,556,658) (42,271,458)
Paid in the Company's Common Stock (5,068,028)
Forfeitures 1,149,403 --
Interfund transfers and loan activity, net 1,397,066 --
----------- ------------ -------------
Total deductions 1,149,403 (159,592) (47,339,486)
Net additions (deductions) 344,025 711,607 75,834,559
Net assets available for benefits
at beginning of year 524,949 12,362,790 274,203,277
----------- ------------ -------------
Net assets available for benefits at end of
year $ 868,974 $13,074,397 $350,037,836
========== =========== ============
</TABLE>
See accompanying notes to the financial statements.
F-6
<PAGE>
<TABLE><CAPTION>
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION -- Restated
YEAR ENDED DECEMBER 31, 1993
Employer Fund Employee Funds
------------- -----------------------------------------------------------------
Income
Viacom Inc. Viacom Inc. Equity Investment Balanced
Stock Fund Stock Fund Fund Fund Fund
---------- ---------- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Additions to net assets attributable to:
Net investment income:
Dividends on Paramount Common Stock $ 594,434 $ 355,606
Dividends on common stocks $ 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 163,069 3,881,291 301,865 4,009
Unrealized appreciation of investments 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
------------ ------------ ----------- ------------- -----------
Total additions 35,085,981 20,181,972 11,458,222 17,564,187 1,707,204
Deductions from net assets attributable to:
Withdrawals and terminations:
Paid in cash (3,622,289) (2,340,320) (4,707,041) (13,763,520) (285,683)
Paid in the Company's Common Stock (1,195,127) (1,109,940)
Forfeitures (976,558) (11,489) (20,067)
Interfund transfers and loan activity, net (14,495) (8,844,646) 2,242,290 (4,384,975) 7,826,337
------------ ------------ ----------- ------------- -----------
Total deductions (5,808,469) (12,294,906) (2,476,240) (18,168,562) 7,540,654
------------ ------------ ----------- ------------- -----------
Net additions (deductions) 29,277,512 7,887,066 8,981,982 (604,375) 9,247,858
Net assets available for benefits at
beginning of year 31,073,681 19,959,024 35,684,240 119,808,550 --
------------ ------------ ----------- ------------- -----------
Net assets available for benefits at end of
year $ 60,351,193 $27,846,090 $44,666,222 $119,204,175 $ 9,247,858
============ =========== =========== ============ ===========
<CAPTION>
Clearing Combined
Fund Loans Funds
---- ----- -----
<S> <C> <C> <C>
Additions to net assets attributable to:
Net investment income:
Dividends on Paramount Common Stock $ 950,040
Dividends on common stocks 998,781
Interest income $ 5,997 $ 771,704 8,838,150
Administrative expenses (547,943) (547,943)
----------- ------------ --------------
(541,946) 771,704 10,239,028
Net realized gain on disposition
of investments 4,350,234
Unrealized appreciation of investments 38,266,730
Contributions:
Employer 8,935,308
Employee 21,197,715
Rollovers from non-affiliated plans (54,235) 3,184,074
----------- ------------ --------------
Total additions (596,181) 771,704 86,173,089
Deductions from net assets attributable to:
Withdrawals and terminations:
Paid in cash (1,086,745) (25,805,598)
Paid in the Company's Common Stock (2,305,067)
Forfeitures 1,008,114 --
Interfund transfers and loan activity, net 3,175,489 --
----------- ------------ --------------
Total deductions 1,008,114 2,088,744 (28,110,665)
----------- ------------ --------------
Net additions (deductions) 411,933 2,860,448 58,062,424
Net assets available for benefits at
beginning of year 113,016 9,502,342 216,140,853
----------- ------------ --------------
Net assets available for benefits at end of
year $ 524,949 $12,362,790 $ 274,203,277
========== =========== =============
</TABLE>
See accompanying notes to the financial statements.
F-7
<PAGE>
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
Note A - Plan Description
The following is a brief description of the Paramount Communications Inc.
Employees' Savings Plan (the "Plan") and is provided for general information
purposes only. Members should refer to the Plan documents for more complete
information regarding the Plan.
The Plan is a defined contribution plan offered on a voluntary basis to
substantially all employees of the former Paramount Communications Inc.
("Paramount"), excluding employees who are party to collective bargaining
agreements. Eligible employees may become members in the Plan following
the earlier of the attainment of age 25 or the completion of one year of
employment service, generally measured from the date of hire. Employees of
Paramount Parks may become members of the Plan following the attainment of
age 21 and one year of employment service. The Plan is subject to the
Employee Retirement Income Security Act of 1974, as amended ("ERISA") and
is administered by the Retirement Committee appointed by the Board of
Directors of the Company (as defined below).
Paramount became a wholly-owned subsidiary of Viacom Inc. ("Viacom",
collectively with Paramount the "Company" or "Employer") in July 1994 (the
"Merger"). In March 1994, pursuant to a tender offer for Paramount, all
shares of Paramount Common Stock held by the Plan were tendered to Viacom.
The Plan received cash of $107 per share for approximately one-half of the
tendered shares and received certain securities of Viacom for its remaining
shares of Paramount Common Stock upon completion of the Merger in July
1994. Effective January 3, 1995, Paramount was merged into Viacom International
Inc., a wholly- owned subsidiary of Viacom Inc., and Paramount ceased to exist
as a separate corporate legal entity. Sponsorship of the Plan, was assumed by
PCI's Holdings Corporation, itself a wholly-owned subsidiary of Viacom
International Inc. For this reason, the Form 5500 of the Plan for the year
ended December 31, 1994, will list PCI's Holdings Corporation as Plan Sponsor
and not Paramount.
Included in the Viacom securities received by the Plan as part of the
Merger consideration were certain contingent value rights ("CVRs")
representing the right to receive cash or Viacom securities, at Viacom's option,
based on the market value of Viacom Class B common stock during a one, two or
three year period, at Viacom's option, following the merger. The Plan's
independent fiduciary believes the CVRs are not "Qualifying Employer Securities"
under ERISA and that it is prohibited under ERISA Sections 406 and 407 for the
Plan to acquire and hold the CVRs. During May 1995 the CVRs held by the Plan
were sold and the proceeds were invested in Viacom Class B Common Stock. Viacom
intends to file a Prohibited Transaction Exemption Request with the Department
of Labor requesting relief from the pertinent ERISA provisions.
Effective July 1994, the Plan merged with the Paramount Communications Inc.
Employee Stock Ownership Plan (the "ESOP") and the assets and liabilities under
the ESOP were transferred to the Viacom Inc. Stock Fund of the Plan. All
members of the ESOP became fully vested in the Plan as of July 7, 1994 and the
ESOP now has identical provisions as the Plan, with the exception of certain
distribution options and features.
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 the Internal Revenue Code. 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 re-enrollment, each Member shall direct that the Member's
contributions be invested in one or more of the following investment options
in increments of 10%:
Viacom Inc. Stock Fund (formerly the Paramount Communications Common
Stock Fund)
Contributions to this fund are invested in Viacom Inc. Class B Common
Stock. In addition, the fund holds all consideration received in exchange for
shares of Paramount Common Stock as a result of the Merger. Prior to the
Merger, the fund invested in Paramount Common Stock. Dividends received on
Paramount Common Stock in the fund were
F-8
<PAGE>
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (continued)
reinvested in Paramount Common Stock. Chemical Banking Corporation is the
trustee of this fund. The fund is managed by the Retirement Committee.
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 and 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 Investment 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 J.P. Morgan is the investment manager, invests
in a balanced combination of a J.P. 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 shall provide a matching
contribution of 50% of the first 6% of each Member's contribution. Employer
contributions are invested in the Viacom Inc. 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.
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. Periodic 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 in full or have the loan balance deducted from
the Member account.
In 1994, the Company changed its method of reporting loans granted to
Plan Members from a reduction of net assets available for benefits to a separate
loan receivable included in the net assets available for benefits. This method
has been applied retroactively and the financial statements as of and for the
year ended December 31, 1993 have been restated to conform with the current
method.
The number of Members in each fund as December 31, 1994 was as follows:
Employer Fund
Viacom Inc. Stock Fund............................. 10,966
Employee Funds
Viacom Inc. Stock Fund............................. 3,321
Equity Fund........................................ 6,154
Income Investment Fund............................. 8,175
Balanced Fund...................................... 3,127
F-9
<PAGE>
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (continued)
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 B - Summary of Significant Accounting Policies
The accounting records of the Plan are maintained on the accrual basis.
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.
Unrealized appreciation (depreciation) of investments represents the change
in the difference between current value and the cost 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 certain funds of the Plan enter 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 C - 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.
Request for an updated determination letter was filed during March 1995. 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. The Retirement Committee
does not expect the acquisition and holdings of the CVRs as described in Note A
to impact the qualification of the Plan or trust.
F-10
<PAGE>
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (continued)
Note D - Investment in Securities
The net realized gain on disposition of investments was computed as
follows:
<TABLE><CAPTION>
Employer Fund Employee Funds
------------- ----------------------------------------------------------------------------------
Income
Viacom Inc. Viacom Inc. Equity Investment Balanced Combined
Stock Fund Stock Fund Fund Fund Fund Funds
---------- ---------- ------------ ------------ ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Year ended December 31, 1994
Proceeds $ 162,158,533 $ 75,767,730 $ 18,774,097 $ 48,199,529 $ 13,160,726 $ 318,060,615
Cost-average 133,369,753 62,897,784 18,774,097 48,199,529 13,146,583 276,387,746
------------- ------------ ------------ ------------ ------------ -------------
Net realized gain $ 28,788,780 $ 12,869,946 $ -0- $ -0- $ 14,143 $ 41,672,869
============= ============ ============ ============ ============ =============
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
============= ============ ============ ============ ============ =============
</TABLE>
The fair value of individual investments that represents 5% or more of the
Plan's net assets are as follows:
<TABLE><CAPTION>
December 31
-----------------------------------
1994 1993
---- ----
<S> <C> <C>
Viacom Class B Common Stock $110,324,187
Paramount Common Stock $88,388,790
State Street Bank and Trust Company
Government Short-Term Investment Fund 44,651,600 22,259,899
</TABLE>
F-11
<PAGE>
PARAMOUNT COMMUNICATIONS INC.
EMPLOYEES' SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (continued)
The Plan assigns units to Members within each of the
respective funds. Total units, net asset value per unit and total
net assets in each fund at December 31, 1994 and 1993 were as
follows:
<TABLE><CAPTION>
Total Net Asset Total Net
Fund Units Value per Unit Asset Value
- ---------------------------------------- -------------- --------------- ------------
<S> <C> <C> <C>
December 31, 1994:
- ------------------
Employer Fund:
Viacom Inc. Stock Fund 88,019,692.150 $1.44401060 $127,101,369
Employee Funds:
Viacom Inc. Stock Fund 4,658,282.586 1.68632685 7,855,387
Equity Fund 21,742,288.993 2.45998294 53,485,660
Income Investment Fund 69,914,717.928 1.85569013 129,740,052
Balanced Fund 16,807,797.000 1.06569570 17,911,997
Clearing Fund 868,974
Loans 13,074,397
------------
Net assets available for benefits $350,037,836
============
December 31, 1993:
- ------------------
Employer Fund:
Viacom Inc. Stock Fund 22,345,025.032 $2.70087829 $ 60,351,193
Employee Funds:
Viacom Inc. Stock Fund 11,433,263.884 2.43553287 27,846,090
Equity Fund 18,378,327.500 2.43037469 44,666,222
Income Investment Fund 68,205,320.417 1.74772546 119,204,175
Balanced Fund 8,701,902.712 1.06273976 9,247,858
Clearing Fund 524,949
Loans 12,362,790
------------
Net assets available for benefits $274,203,277
============
</TABLE>
Note E -- Distributions Payable
As of December 31, 1994 and December 31, 1993, there were $13,572,089 and
$2,718,370, respectively, 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.
F-12
<PAGE>
<TABLE><CAPTION>
Schedule I
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
(c) Description of
investment, including
maturity date, rate of
(b) Identity of issue, borrowing lessor or interest, collateral
(a) similar party par or maturity value (d) Cost (e) Current Value
------------- ----------------------- -------- -----------------
<C> <S> <C> <C> <C>
EMPLOYER FUND:
Viacom Inc. Stock Fund
* Viacom Class B Common Stock.................... 2,597,258 $ 93,159,661 $105,838,264
* Viacom Inc. 8% Subordinated Exchangeable
Debentures due 7/7/2006 ..................... 13,187,250 7,518,441 11,308,067
* Viacom Inc. Contingent Value Rights
Expire 7/7/95................................ 701,407 3,179,804 2,148,410
* Viacom Inc. Warrants to purchase
Class B Common Stock ........................
Expire 7/6/97 ............................. 965 1,159 3,197
Expire 7/6/99 ............................. 579 2,000 3,112
* State Street Bank Short-Term
Investment Fund.............................. 7,619,432 7,619,432 7,619,432
* State Street Bank Warrants .................... 1,405,572 1,405,572 1,405,572
* Chemical Bank Short-Term
Investment Fund.............................. 1,550,185 1,550,185 1,550,185
------------ ------------
Total Viacom Inc. Stock Fund-Employer.......... 114,436,254 129,876,239
EMPLOYEE FUNDS:
Viacom Inc. Stock Fund
* Viacom Class B Common Stock ....................... 105,184 2,942,795 4,286,248
* Viacom Inc. 8% Subordinated Exchangeable
Debentures due 7/7/2006 ......................... 2,115,750 1,224,028 1,814,256
* Viacom Inc. Contingent Value Rights ...............
Expire 7/7/95 ................................... 94,067 434,434 288,127
* State Street Bank Short-Term
Investment Fund ................................. 3,953 3,953 3,953
* State Street Bank Warrants ........................ 211,815 211,815 211,815
* Chemical Bank Short-Term
Investment Fund ............................... 1,364,438 1,364,438 1,364,438
------------ ------------
Total Viacom Inc. Stock Fund-Employee ............. 6,181,463 7,968,837
Equity Fund
Temporary Investments
* Bankers Trust Company Temporary
Investment Fund ................................... 1,637,983 1,637,983 1,637,983
* Bankers Trust United States
Treasury Bills .................................... 200,000 198,155 198,155
</TABLE>
*Identified as a party-in-interest to the Plan.
S-1
<PAGE>
<TABLE><CAPTION>
Schedule I
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
(c) Description of
investment, including
maturity date, rate of
(b) Identity of issue, borrowing lessor or interest, collateral
(a) similar party par or maturity value (d) Cost (e)Current Value
------------- ----------------------- -------- ----------------
<C> <S> <C> <C> <C>
Domestic Common Stocks
Aerospace
Boeing Co..................................... 5,400 247,218 253,800
General Dynamics Corp......................... 1,000 23,951 43,500
Lockheed Corp................................. 1,100 56,436 79,888
Loral Corp.................................... 1,500 38,678 56,813
Martin Marietta Corp.......................... 1,600 48,748 71,000
McDonnell Douglas Corp........................ 700 46,799 99,400
Northrop Grumman Corp......................... 200 5,277 8,400
Raytheon Co................................... 2,200 100,845 140,525
Rockwell International Corp................... 3,000 84,750 107,250
United Technologies Corp...................... 2,100 113,189 132,038
------------ ------------
Total Aerospace........................ 765,891 992,614
Automotive
Allied Signal Inc............................. 4,700 112,877 159,800
Chrysler Corp................................. 5,300 139,378 259,700
Cummins Engine Inc............................ 700 29,094 31,675
Dana Corp..................................... 400 7,351 9,400
Eaton Corp.................................... 1,400 56,798 69,300
Ford Motor Co................................. 14,600 305,511 406,975
General Motors Corp........................... 11,200 462,389 471,800
Genuine Parts Co.............................. 1,450 46,789 52,200
Paccar Inc.................................... 575 21,927 25,444
Parker Hannifin Corp.......................... 1,000 44,803 45,500
Variety Corp.................................. 700 23,111 25,375
------------ ------------
Total Automotive....................... 1,250,028 1,557,169
Banks
Banc One Corp................................. 6,772 214,412 171,840
BankAmerica Corp.............................. 6,108 233,519 241,266
Bank Boston Corp.............................. 1,600 36,769 41,400
Barnett Banks Inc............................. 1,400 54,687 53,900
Boatmen's Bancshares Inc...................... 1,600 41,516 43,400
Chase Manhattan Bank Corp..................... 3,200 76,148 110,000
* Chemical Banking Corp......................... 4,268 127,625 153,115
Citicorp...................................... 6,300 153,084 260,663
Corestates Financial Corp..................... 2,000 43,167 52,000
First Chicago Corp............................ 1,700 70,270 81,175
First Fidelity Bancorporation................. 600 21,721 26,925
First Interstate Bancorp...................... 1,400 59,565 94,675
First Union Corp.............................. 2,600 83,260 107,575
Mellon Bank Corp.............................. 2,550 90,000 78,094
* JP Morgan & Co. Inc........................... 3,100 176,021 173,988
NBD Bancorp Inc............................... 1,950 51,647 53,381
National City Corp............................ 1,800 50,211 46,575
S-2
</TABLE>
* Identified as a party-in-interest to the Plan.
<PAGE>
<TABLE><CAPTION>
Schedule I
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
(c) Description of
investment, including
maturity date, rate of
(b) Identity of issue, borrowing lessor or interest, collateral
(a) similar party par or maturity value (d) Cost (e) Current Value
------------- ----------------------- -------- -----------------
<C> <S> <C> <C> <C>
Banks (continued)
Nationsbank Corp............................................ 4,437 175,663 200,220
Norwest Corp................................................ 4,800 90,881 112,200
PNC Bank Corp............................................... 2,400 47,254 50,700
Shawmut National Corp....................................... 700 14,634 11,463
Suntrust Banks Inc.......................................... 1,200 33,501 57,300
U.S. Bancorp................................................ 2,050 43,619 46,381
Wells Fargo & Co............................................ 900 68,633 130,500
----------- -----------
Total Banks ........................................... 2,057,807 2,398,736
Beverage
Anheuser-Busch Companies Inc................................ 4,200 214,053 213,675
The Coca-Cola Company ...................................... 19,200 682,757 988,800
Adolph Coors Co............................................. 500 8,426 8,375
Pepsico Inc................................................. 12,000 403,547 435,000
----------- -----------
Total Beverage ........................................ 1,308,783 1,645,850
Building - Forest Products
Champion International Corp................................. 1,800 66,193 65,700
Georgia Pacific Corp........................................ 1,500 80,700 107,250
Johnson Controls Corp....................................... 300 14,667 14,700
Louisiana Pacific Corp...................................... 1,700 30,985 46,325
Weyerhaeuser Co............................................. 3,500 110,459 131,250
----------- -----------
Total Building - Forest Products ...................... 303,004 365,225
Building - Other
Armstrong World Industries Inc.............................. 900 41,343 34,650
Centex Corp................................................. 700 23,898 15,925
Fleetwood Enterprises Inc................................... 800 18,354 15,000
Fluor Corp.................................................. 1,500 65,407 64,688
Masco Corp.................................................. 3,000 74,381 67,875
Owens-Corning Fiberglass Corp............................... 800 16,740 25,500
The Stanley Works .......................................... 100 4,068 3,575
----------- -----------
Total Building - Other ............................... 244,191 227,213
Chemical
Air Products & Chemicals Inc............................... 1,600 54,795 71,400
American Cyanamid Co....................................... 0 0 0
Dow Chemical Co............................................ 4,400 257,465 295,900
E I DuPont De Nemours & Co................................. 10,500 483,080 589,313
Eastman Chem Co............................................ 1,350 50,766 68,175
Engelhard Corp............................................. 1,675 43,457 37,059
FMC Corp................................................... 100 5,093 5,775
W R Grace & Co............................................. 1,200 41,222 46,350
Great Lakes Chemical Corp.................................. 1,100 63,512 62,700
S-3
</TABLE>
<PAGE>
<TABLE><CAPTION>
Schedule I
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
(c) Description of
investment, including
maturity date, rate of
(b) Identity of issue, borrowing lessor or interest, collateral
(a) similar party par or maturity value (d) Cost (e) Current Value
------------- ----------------------- -------- -----------------
<S> <C> <C> <C>
Chemical (continued)
Hercules Inc. ...................................... 700 35,023 80,763
Mallinckrodt Group Inc. ............................ 1,500 50,176 44,789
Monsanto Co. ....................................... 1,900 113,864 133,950
Morton International Inc. .......................... 2,400 47,044 68,400
Nalco Chemical Co. ................................. 400 11,500 13,400
PPG Industries Inc. ................................ 2,800 70,056 103,948
Praxair Inc. Co..................................... 2,675 39,911 54,838
Raychem Corp. ...................................... 300 10,428 10,688
Rohm & Haas Co ..................................... 700 30,755 39,986
Safety Kleen Corp. ................................. 450 11,252 6,638
Sigma Aldrich Corp.................................. 1,100 39,485 36,300
Union Carbide Corp.................................. 2,775 39,230 81,516
---------- ----------
Total Chemical .................................. 1,498,114 1,851,888
Coal
Santa Fe Pac Gold Corp. ............................ 1,925 25,578 25,025
Container
ACX Technologies Inc. .............................. 0.667 16 27
Crown Cork & Seal Inc. ............................. 1,700 54,809 64,175
Stone Container Corp. .............................. 1,420 21,928 24,673
Temple Inland Inc. ................................. 300 10,314 13,538
Yellow Corp. ....................................... 500 14,540 11,938
-------- --------
Total Container .............................. 101,607 114,351
Cosmetic
Avon Products Inc. ................................. 1,200 53,203 71,700
Gillette Co. ....................................... 3,500 167,642 262,063
International Flavors & Fragrances Inc. ............ 1,500 45,182 69,375
-------- --------
Total Cosmetic ............................... 266,027 403,138
Drug
Abbott Labs......................................... 12,700 340,967 414,338
American Home Products Corp. ....................... 4,800 318,625 301,200
Bristol-Myers Squibb Co. ........................... 7,600 514,902 439,850
Eli Lilly & Co. .................................... 4,400 308,933 288,750
Merck & Co. Inc. ................................... 18,700 717,046 712,938
Pfizer Inc. ........................................ 4,700 288,591 363,075
Schering Plough Corp. .............................. 2,900 171,578 214,600
Upjohn Co. ......................................... 2,800 107,234 86,100
Warner Lambert Co. ................................. 2,200 152,556 169,400
---------- ---------
Total Drug .................................. 2,920,432 2,990,251
</TABLE>
S-4
<PAGE>
<TABLE><CAPTION>
Schedule I
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
(c) Description of
investment, including
maturity date, rate of
(b) Identity of issue, borrowing lessor or interest, collateral
(a) similar party par or maturity value (d) Cost (e)Current Value
------------- ----------------------- -------- ----------------
<S> <C> <C> <C>
Electrical Equipment
Emerson Electric Co. ................................. 3,600 182,484 224,550
General Electric Co. ................................. 25,600 1,013,569 1,305,600
General Signal Corp. ................................. 300 10,619 9,563
W W Grainger Inc. .................................... 900 42,438 51,975
ITT Corp. ............................................ 1,900 115,705 168,388
Tyco Labs Inc. ....................................... 1,400 62,339 66,500
Westinghouse Electric Corp. .......................... 6,000 116,823 73,500
--------- ---------
Total Electrical Equipment ......................... 1,543,977 1,900,076
Electrical Household Appliances
Maytag Corp. ......................................... 800 14,404 12,000
Whirlpool Corp. ...................................... 1,300 50,411 65,325
Zenith Electrs Corp. ................................. 1,500 16,890 17,438
--------- ---------
Total Electrical Household Appliances .............. 81,705 94,763
Electronics
Advanced Micro Devices Inc. .......................... 1,900 29,359 47,263
AMP Inc. ............................................. 1,800 104,345 130,950
Andrew Corp. ......................................... 600 29,124 31,350
DSC Communications Corp. ............................. 2,100 21,260 75,338
E-Systems Inc. ....................................... 200 7,501 8,325
Hewlett Packard Co. .................................. 3,800 239,899 379,525
Intel Corp. .......................................... 6,200 251,104 396,025
Motorola Inc. ........................................ 8,500 241,390 493,000
National Semiconducter Corp. ......................... 2,700 30,623 52,650
Scientific Atlanta Inc. .............................. 1,700 16,317 35,700
Texas Instrument Inc. ................................ 1,400 64,233 104,825
--------- ---------
Total Electronics .................................. 1,035,155 1,754,951
Finance
American Express Co. ................................. 7,900 186,859 233,050
Beneficial Corp. ..................................... 400 15,726 15,600
Dean Witter Discover & Co. ........................... 3,017 96,984 102,201
Federal Home Loan Mortgage Corp. ..................... 2,600 113,066 131,300
Federal National Mortgage Association ................ 4,200 259,568 306,075
Fleet Financial Group Inc. ........................... 2,700 86,043 87,413
Key Corp. ............................................ 3,800 124,488 95,000
MBNA Corp. ........................................... 2,700 43,418 63,112
Salomon Inc. ......................................... 1,400 37,254 52,500
--------- ---------
Total Finance ...................................... 963,406 1,086,251
Food
Archer Daniels Midland Co. ........................... 8,421 133,206 173,683
CPC International Inc. ............................... 2,500 107,381 133,125
</TABLE>
S-5
<PAGE>
<TABLE><CAPTION>
Schedule I
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
(c) Description of
investment, including
maturity date, rate of
(b) Identity of issue, borrowing lessor or interest, collateral
(a) similar party par or maturity value (d) Cost (e) Current Value
------------- ----------------------- -------- -----------------
<S> <C> <C> <C>
Food (continued)
Campbell Soup Co. ................................. 3,400 125,300 149,600
Conagra Inc. ...................................... 3,950 116,816 123,438
General Mills Inc. ................................ 2,500 148,853 142,813
H J Heinz Co. ..................................... 4,000 146,513 147,000
Hershey Foods Corp. ............................... 600 24,733 29,025
Kellogg Co. ....................................... 3,200 163,708 186,000
Pet Inc. .......................................... 1,400 27,444 27,650
Pioneer Hi Bred International Inc. ................ 1,800 64,755 62,100
Premark Intl. Inc. ................................ 1,200 33,216 53,700
Quaker Oats Co. ................................... 2,400 75,482 73,800
Ralston Purina Co. ................................ 1,300 55,706 58,013
Sara Lee Corp. .................................... 7,800 179,864 196,950
Supervalue Inc. ................................... 500 14,253 12,188
Sysco Corp. ....................................... 3,300 72,615 84,974
Wendy's International Inc. ........................ 2,000 19,048 28,750
Whitman Corp. ..................................... 700 6,949 12,075
Wm. Wrigley Jr. Co. ............................... 1,300 39,874 64,187
--------- ---------
Total Food ..................................... 1,555,716 1,759,071
Home Furnishings
Newell Co. ........................................ 2,600 45,612 54,600
Hotel - Motel
Hilton Hotels Corp. ............................... 800 48,838 54,400
Marriot Int'l Corp. ............................... 1,300 32,742 36,563
--------- ---------
Total Hotel - Motel ............................ 81,580 90,963
Hotel - Restaurant
Bally Entertainment Corp. ......................... 1,700 17,663 10,413
McDonalds Corp. ................................... 10,600 224,461 310,050
Shoneys Inc. ...................................... 800 19,808 10,200
--------- ---------
Total Hotel - Restaurant ....................... 261,932 330,663
Insurance
Aetna Life & Casualty Co. ......................... 1,200 54,905 56,550
American General Corp. ............................ 3,000 75,251 84,750
American International Group Inc. ................. 4,937 339,813 483,826
Cigna Corp. ....................................... 800 42,205 50,900
Chubb Corp. ....................................... 1,500 103,309 116,063
Continental Corp. ................................. 300 9,116 5,700
General Re Corp. .................................. 1,300 125,903 160,550
Jefferson Pilot Corp. ............................. 300 8,451 15,563
Lincoln National Corp. ............................ 900 29,861 31,500
Marsh & McLennan Cos. Inc. ........................ 1,100 88,297 87,175
</TABLE>
S-6
<PAGE>
<TABLE><CAPTION>
Schedule I
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
(c) Description of
investment, including
maturity date, rate of
(b) Identity of issue, borrowing lessor or interest, collateral
(a) similar party par or maturity value (d) Cost (e)Current Value
------------- ----------------------- -------- ----------------
<S> <C> <C> <C>
Insurance (continued)
Providian Corp. ..................................... 1,500 44,735 46,313
Safeco Corp. ........................................ 1,200 55,893 62,400
St. Paul Cos. Inc. .................................. 1,200 40,710 53,700
Torchmark Corp. ..................................... 750 31,323 26,156
Travelers Corp. ..................................... 4,804 127,753 155,530
Unum Corp. .......................................... 1,200 67,812 45,300
USF&G Corp. ......................................... 800 22,908 10,900
--------- ---------
Total Insurance ................................... 1,268,245 1,492,876
Investment Companies
Avery Dennison Corp. ................................ 600 14,853 21,300
Merrill Lynch & Co. Inc. ............................ 3,300 85,952 117,975
Wachovia Corp. ...................................... 1,900 73,920 61,275
--------- ---------
Total Investment Companies ........................ 174,725 200,550
Leisure and Recreation
American Greetings Corp. ............................ 1,500 33,549 40,500
Brunswick Corp. ..................................... 1,900 33,690 35,863
Hasbro Inc. ......................................... 1,450 40,114 42,231
Mattel Inc. ......................................... 2,575 44,956 64,697
Promus Cos. Inc. .................................... 2,000 41,277 61,750
Walt Disney Co. ..................................... 8,000 279,724 368,000
--------- ---------
Total Leisure and Recreation ...................... 473,310 613,041
Machinery - Agriculture
Deere & Co. ......................................... 1,500 87,403 99,375
Machinery - Tools
Black & Decker Corp. ................................ 1,000 15,629 23,750
Giddings & Lewis Inc. ............................... 1,200 25,562 17,700
Illinois Tool Works Inc. ............................ 1,300 42,675 56,875
Snap-On Tools Corp. ................................. 200 7,226 6,650
--------- ---------
Total Machinery - Tools ........................... 91,092 104,975
Machinery - Other
Caterpillar Inc. .................................... 3,300 102,132 181,912
Cooper Industries Inc. .............................. 1,900 88,350 64,600
Dover Corp. ......................................... 400 15,253 20,650
Dresser Industries Inc. ............................. 3,300 66,775 62,288
Harnischfeger Industries Inc. ....................... 600 12,303 16,875
Ingersoll Rand Co. .................................. 1,700 48,060 53,550
Millipore Corp. ..................................... 176 5,875 8,514
Pall Corporation. ................................... 1,666 29,718 31,238
TRW Inc. ............................................ 1,000 60,448 66,000
Textron Inc. ........................................ 900 30,082 45,337
--------- ---------
Total Machinery - Other ........................... 458,996 550,964
</TABLE>
S-7
<PAGE>
<TABLE><CAPTION>
Schedule I
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
(c) Description of
investment, including
maturity date, rate of
(b) Identity of issue, borrowing lessor or interest, collateral
(a) similar party par or maturity value (d) Cost (e) Current Value
------------- ----------------------- -------- -----------------
<S> <C> <C> <C>
Medical Supply and Service
Alza Corp. ..................................... 1,300 48,548 23,400
Amgen Inc. ..................................... 2,000 113,786 118,000
C R Bard Inc. .................................. 200 3,151 5,400
Bausch & Lomb Inc. ............................. 1,300 53,987 44,038
Baxter International Inc. ...................... 4,800 133,751 135,600
Becton Dickinson & Co. ......................... 1,000 32,703 48,000
Biomet Inc. .................................... 1,800 36,409 25,200
Columbia Healthcare Corp. ...................... 5,688 202,290 207,612
Community Psychiatric Centers. ................. 1,000 15,278 11,000
Johnson & Johnson. ............................. 9,600 436,941 525,599
Medtronic Inc. ................................. 2,000 65,416 111,250
National Medical Enterprises Inc. .............. 3,100 52,030 43,788
St. Jude Medical Inc. .......................... 1,100 45,101 43,725
Shared Medical Systems Corp. ................... 500 10,205 16,375
United Healthcare Corp. ........................ 2,800 130,082 126,350
United States Surgical Corp. ................... 1,200 73,635 22,800
US Healthcare Inc. ............................. 2,700 107,650 111,375
--------- ---------
Total Medical Supply and Service ............... 1,560,963 1,619,512
Metals - Aluminum
Aluminum Co. of America......................... 1,500 100,131 129,938
Reynolds Metals Co. ............................ 800 42,936 39,200
--------- ---------
Total Metals - Aluminum ..................... 143,067 169,138
Metals - Steel
Bethlehem Steel Corp. .......................... 1,700 31,395 30,600
Nucor Corp. .................................... 1,500 48,148 83,063
USX Corp. - US Steel Group ..................... 1,460 42,522 51,830
Worthington Industries Inc. .................... 1,350 17,777 27,000
--------- ---------
Total Metals - Steel ........................ 139,842 192,493
Metals - Other
Amax Inc. ...................................... 1,750 42,350 45,719
Asarco Inc. .................................... 400 10,192 11,400
Homestake Mining Co. ........................... 2,900 44,982 49,663
Newmont Mining Corp. ........................... 1,672 57,548 60,192
Phelps Dodge Corp. ............................. 1,300 47,844 80,437
--------- ---------
Total Metals - Other ........................ 202,916 247,411
Office Equipment
Alco Standard Corp. ............................ 900 44,868 56,475
Amdahl Corp. ................................... 900 13,617 9,900
Apple Computer Inc. ............................ 1,800 77,332 70,200
Autodesk Inc. .................................. 1,200 22,477 47,550
</TABLE>
S-8
<PAGE>
<TABLE><CAPTION>
Schedule I
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
(c) Description of
investment, including
maturity date, rate of
(b) Identity of issue, borrowing lessor or interest, collateral
(a) similar party par or maturity value (d) Cost (e)Current Value
- --- ------------- ----------------------- -------- ----------------
<C> <S> <C> <C> <C>
Office Equipment (continued)
Automatic Data Processing Inc....................... 2,200 85,896 128,700
Cisco Systems Inc................................... 3,900 129,171 136,988
Compaq Computer Corp................................ 3,900 82,948 154,050
Computer Associates International Inc............... 2,700 41,510 130,950
Computer Sciences Corp.............................. 900 21,329 45,900
Cray Research Inc................................... 400 17,989 6,250
Data General Corp................................... 800 11,502 8,000
Digital Equipment Corp.............................. 2,500 123,731 83,125
First Data Corp..................................... 1,900 94,271 90,013
Honeywell Inc....................................... 2,100 61,268 66,150
Intergraph Corp..................................... 200 4,802 1,625
International Business Machines Corp................ 8,700 758,963 639,450
Lotus Development Corp.............................. 800 26,708 32,800
Microsoft Corp...................................... 8,700 475,305 531,788
Micron Technology Corp.............................. 1,500 54,328 66,188
Minnesota Mining & Manufacturing Co................. 6,600 314,548 352,275
Novell Inc.......................................... 5,500 125,581 94,188
Oracle Systems Corp................................. 4,600 73,514 202,975
Pitney Bowes Inc.................................... 1,900 58,919 60,325
Sun Microsystems ................................... 1,400 44,845 49,700
Tandem Computers Inc................................ 2,100 37,926 35,963
Unisys Corp......................................... 2,300 22,310 19,835
Xerox Corp.......................................... 1,700 120,463 168,300
------------ ------------
Total Office Equipment .......................... 2,946,121 3,289,663
Oil - Domestic
Amerada Hess Corp.................................. 1,500 69,630 68,438
Amoco Corp......................................... 7,700 401,335 455,263
Atlantic Richfield Co.............................. 2,500 277,837 254,375
Burlington Res. Inc................................ 2,300 102,090 80,500
Chevron Corp....................................... 10,200 382,558 455,175
Kerr McGee Corp.................................... 300 13,689 13,875
Louisiana Land & Exploration Co.................... 100 4,855 3,638
Maxus Energy Corp.................................. 2,000 13,505 6,750
Occidental Petroleum Corp.......................... 5,200 105,507 100,100
Pennzoil Co........................................ 300 22,502 13,238
Phillips Petroleum Co.............................. 4,300 113,091 140,825
Sun Company Inc.................................... 1,200 43,808 34,500
Tenneco Inc........................................ 2,900 129,880 123,249
USX - Marathon Group Inc........................... 5,100 109,968 83,513
Unocal Corp........................................ 3,900 101,510 106,274
Williams Cos....................................... 2,000 46,092 50,250
------------ ------------
Total Oil - Domestic ....................... 1,937,857 1,989,963
</TABLE>
S-9
<PAGE>
<TABLE><CAPTION>
Schedule I
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
(c) Description of
investment, including
maturity date, rate of
(b) Identity of issue, borrowing lessor or interest, collateral
(a) similar party par or maturity value (d) Cost (e)Current Value
- --- ------------- ----------------------- -------- ----------------
<C> <S> <C> <C> <C>
Oil - International
Exxon Corp......................................... 18,600 1,072,169 1,129,950
Mobil Corp......................................... 5,900 402,586 497,075
PecoEnergy Co...................................... 3,900 89,690 95,550
Texaco Inc......................................... 4,100 246,592 245,488
------------ ------------
Total Oil - International .................... 1,811,037 1,968,063
Oil - Service
Ashland Oil Inc.................................... 400 14,602 13,800
Baker Hughes Inc................................... 2,500 55,764 45,625
Foster Wheeler Corp................................ 300 8,102 8,925
Halliburton Co..................................... 2,100 74,493 69,563
McDermott International Inc........................ 800 20,631 19,800
Noram Energy Corp.................................. 2,400 31,477 12,900
Oryx Energy Co..................................... 1,000 31,604 11,875
Sante Fe Energy Reserve Inc........................ 361 10,023 2,888
Western Atlas Inc.................................. 600 20,209 22,575
------------ ------------
Total Oil - Service ........................ 266,905 207,951
Paper
Federal Paper Brd. Inc. ........................... 700 21,539 20,300
International Paper Co............................. 1,900 120,335 143,213
James River Corp................................... 500 13,003 10,125
Kimberly Clark Corp................................ 2,700 125,800 136,013
Mead Corp.......................................... 1,200 50,884 58,350
Scott Paper Co..................................... 1,300 47,302 89,861
Union Camp Corp.................................... 1,100 45,810 51,838
Westvaco Corp...................................... 400 10,602 15,700
------------ ------------
Total Paper ................................ 435,275 525,400
Photographic
Eastman Kodak Co.................................. 5,100 198,998 243,525
Polaroid Corp..................................... 400 16,402 13,000
------------ ------------
Total Photographic .......................... 215,400 256,525
Pollution Control
Browning Ferris Industries Inc.................... 3,000 82,901 85,125
WMX Technologies Inc.............................. 7,500 281,560 195,938
------------ ------------
Total Pollution Control ..................... 364,461 281,063
Publishing
DeLuxe Corporation ............................... 1,400 49,049 36,925
R R Donnelley & Sons Co........................... 2,200 52,423 64,900
Dow Jones & Co. Inc............................... 700 17,679 21,700
Dun & Bradstreet Corp............................. 2,800 145,191 154,000
Gannett Inc....................................... 2,500 107,938 133,125
Knight-Ridder Inc................................. 900 49,102 45,450
</TABLE>
S-10
<PAGE>
<TABLE><CAPTION>
Schedule I
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
(c) Description of
investment, including
maturity date, rate of
(b) Identity of issue, borrowing lessor or interest, collateral
(a) similar party par or maturity value (d) Cost (e) Current Value
- --- ------------- ----------------------- -------- -----------------
<C> <S> <C> <C> <C>
Publishing (continued)
McGraw Hill Inc.................................... 800 46,303 53,500
New York Times Co.................................. 700 17,046 15,488
Time Warner Inc.................................... 6,120 179,905 214,965
Times Mirror Co.................................... 1,400 46,179 43,925
Tribune Co......................................... 700 35,750 38,325
---------- ---------
Total Publishing.............................. 746,565 822,303
Real Estate
Household International Corp....................... 1,000 32,660 37,125
Retailing
Airtouch Communications............................ 7,900 163,417 230,088
Albertsons Inc..................................... 4,300 87,564 124,700
American Stores Co................................. 2,400 43,468 64,500
Charming Shoppes Inc............................... 2,200 23,231 14,575
Circuit City Stores Inc............................ 2,000 30,279 44,500
Dayton Hudson Corp................................. 1,200 83,270 84,900
Dillard Department Stores Inc...................... 2,100 71,943 56,175
Fleming Companies Inc.............................. 500 16,827 11,625
GAP Stores Inc..................................... 2,200 74,417 67,100
Giant Food Inc..................................... 400 11,052 8,700
Great Atlantic & Pacific Tea Co. Inc............... 200 11,251 3,625
Harcourt General Inc............................... 400 8,102 14,100
Home Depot......................................... 6,800 231,888 312,800
K Mart Corp........................................ 5,700 117,119 74,100
The Kroger Co...................................... 800 17,726 19,300
Limited Inc........................................ 6,000 143,287 108,750
Lowes Companies Inc................................ 2,800 54,937 97,300
May Department Stores Co........................... 4,100 123,636 138,375
Mercantile Stores Inc.............................. 700 27,686 27,650
Nordstrom Inc...................................... 1,300 43,129 54,600
J C Penney Inc..................................... 3,800 137,292 169,575
Pep Boys Manny Moe & Jack.......................... 600 20,949 18,600
Price/Costco Inc................................... 4,191 78,760 53,959
Rite Aid Corp...................................... 1,800 34,293 42,075
Sears Roebuck & Co................................. 4,900 156,674 225,400
Sherwin Williams Co................................ 600 12,702 20,025
TJX Cos Inc........................................ 1,000 27,280 15,625
Tandy Corp......................................... 1,133 46,965 56,650
Toys R Us Inc...................................... 4,650 148,169 142,406
Wal Mart Stores Inc................................ 33,400 770,950 709,750
Walgreen Co........................................ 1,600 54,624 69,800
Winn Dixie Stores Inc.............................. 600 20,102 30,825
Woolworth Corp..................................... 2,200 60,870 33,000
------------ -----------
Total Retailing .............................. 2,953,859 3,145,153
</TABLE>
S-11
<PAGE>
<TABLE><CAPTION>
Schedule I
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
(c) Description of
investment, including
maturity date, rate of
(b) Identity of issue, borrowing lessor or interest, collateral
(a) similar party par or maturity value (d) Cost (e) Current Value
- --- ------------- ----------------------- -------- -----------------
<C> <S> <C> <C> <C>
Savings and Loan
H F Ahmanson & Co.................................. 1,600 28,576 25,800
Golden West Financial Corp......................... 500 16,443 17,625
Great Western Financial Corp....................... 2,300 41,657 36,800
------------ ------------
Total Savings and Loan.......................... 86,676 80,225
Service
H & R Block, Inc................................... 1,900 60,769 70,538
Interpublic Group.................................. 1,400 43,366 44,975
National Service Industries Inc.................... 200 5,292 5,125
Service Corp. International........................ 1,050 15,090 29,138
Transamerica Corp.................................. 766 35,606 38,108
------------ ------------
Total Service................................... 160,123 187,884
Soap
Clorox Co.......................................... 400 17,552 23,550
Colgate Palmolive Co............................... 2,400 113,675 152,100
Dial Corp.......................................... 1,200 20,023 25,500
Procter & Gamble Co................................ 10,300 487,704 638,600
------------ ------------
Total Soap...................................... 638,954 839,750
Textiles and Apparel
Corning Inc........................................ 3,700 121,190 110,538
Liz Claiborne Inc.................................. 1,300 48,622 22,100
Melville Corp...................................... 1,300 58,408 40,138
Nike Inc........................................... 900 50,925 67,163
Oshkosh B Gosh Inc................................. 200 7,001 2,800
Reebok International Ltd........................... 1,600 42,341 63,200
Stride Rite Corp................................... 1,000 19,256 11,125
V F Corp........................................... 1,000 42,887 48,625
------------ ------------
Total Textiles and Apparel ..................... 390,630 365,689
Tire and Rubber
B F Goodrich Co.................................... 300 13,652 13,013
Cooper Tire & Rubber............................... 1,400 22,985 33,075
Goodyear Tire & Rubber............................. 2,700 78,063 90,788
Rubbermaid Inc..................................... 1,500 37,440 43,124
------------ ------------
Total Tire and Rubber........................... 152,140 180,000
Tobacco
American Brands Inc................................ 2,700 105,319 101,250
Philip Morris Companies Inc........................ 13,000 778,301 747,500
UST Inc............................................ 3,600 91,077 100,350
------------ ------------
Total Tobacco................................... 974,697 949,100
</TABLE>
S-12
<PAGE>
<TABLE><CAPTION>
Schedule I
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
(c) Description of
investment, including
maturity date, rate of
(b) Identity of issue, borrowing lessor or interest, collateral
(a) similar party par or maturity value (d) Cost (e)Current Value
- --- ------------- ----------------------- -------- ----------------
<C> <S> <C> <C> <C>
Transportation - Air Transport
AMR Corp........................................ 1,400 81,920 74,550
Delta Air Lines Inc............................. 800 49,502 40,400
Southwest Airlines.............................. 2,800 72,119 46,900
US Air Group Inc................................ 1,300 20,657 5,525
--------- ---------
Total Transportation - Air Transport.......... 224,198 167,375
Transportation - Other
Burlington Northern Inc.......................... 1,600 67,303 77,000
CSX Corp......................................... 1,800 96,005 125,325
Consolidated Freightways Inc..................... 600 9,828 13,425
Consolidated Rail Corp........................... 1,400 50,773 70,700
Federal Express Corp............................. 1,000 56,128 60,250
Norfolk Southern Corp............................ 1,800 91,243 109,125
Roadway Services Inc............................. 700 38,341 39,725
Ryder Systems Inc................................ 600 11,566 13,200
Santa Fe Southern Pacific Corp................... 3,609 38,065 63,158
Union Pacific Corp............................... 3,400 162,986 154,275
--------- ---------
Total Transportation - Other................... 622,238 726,183
TV and Radio Broadcasters
CBS Inc.......................................... 1,155 47,202 63,814
Capital Cities/ABC Inc........................... 2,500 122,210 213,125
Comcast Corp..................................... 3,600 74,049 56,477
Tele-Communications Inc.......................... 8,800 173,356 191,400
* Viacom Inc....................................... 4,900 188,756 199,675
--------- ---------
Total TV and Radio Broadcasters 605,573 724,491
Utility - Electric
American Electric Power Co. Inc.................. 2,800 89,597 92,049
Baltimore Gas & Electric Co...................... 1,250 27,142 27,655
Carolina Power & Light Co........................ 1,500 38,205 39,938
Central & South West Corp........................ 3,500 85,316 79,187
Cinergy Corp..................................... 2,920 67,104 68,620
Consolidated Edison Co. of N.Y. Inc.............. 4,200 114,044 108,150
Detroit Edison Co................................ 2,400 71,426 62,700
Dominion Resources Inc. (VA)..................... 1,800 61,577 64,800
Duke Power Co.................................... 2,400 74,718 91,500
Entergy Corp..................................... 4,100 115,197 89,688
FPL Group Inc.................................... 3,100 107,066 108,888
Houston Industries Inc........................... 2,200 86,377 78,375
Niagara Mohawk Power Corp........................ 3,000 47,556 42,750
Northern States Power Co. (MN)................... 400 14,302 17,600
Ohio Edison Co................................... 1,000 20,255 18,500
</TABLE>
* Identified as a party-in-interest to the Plan.
S-13
<PAGE>
<TABLE><CAPTION>
Schedule I
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
(c) Description of
investment, including
maturity date, rate of
(b) Identity of issue, borrowing lessor or interest, collateral
(a) similar party par or maturity value (d) Cost (e) Current Value
- --- ------------- ----------------------- -------- -----------------
<C> <S> <C> <C> <C>
Utility - Electric (continued)
Pacific Gas & Electric Co ......................... 7,100 200,501 173,063
Pacificorp ........................................ 3,400 72,946 61,625
Public Service Enterprise Group Inc ............... 3,200 90,194 84,800
SCECorp ........................................... 7,700 156,744 112,613
Southern Co ....................................... 10,500 175,190 210,000
Texas Utilities Co ................................ 3,800 149,745 121,600
Unicom Corp ....................................... 3,300 106,150 79,200
Union Electric Co ................................. 800 28,421 28,300
--------- ---------
Total Utility - Electric .................... 1,999,773 1,861,601
Utility - Natural Gas
Coastal Corp ...................................... 1,400 38,213 36,050
Columbia Gas Systems Inc .......................... 300 13,352 7,050
Consolidated Natural Gas Co ....................... 1,500 68,571 53,250
Enron Corp ........................................ 4,200 89,733 128,100
Enserch Corp ...................................... 800 15,372 10,500
Nicor Inc ......................................... 200 4,630 4,550
Pacific Enterprises ............................... 400 17,702 8,500
Panhandle Eastern Corp ............................ 1,900 38,512 37,525
Sonat Inc ......................................... 1,600 36,871 44,800
--------- ---------
Total Utility - Natural Gas ................. 322,956 330,325
Utility - Telephone
American Telephone & Telegraph Co ................. 23,419 1,077,020 1,176,805
Ameritech Corp .................................... 7,800 270,723 314,925
Bell Atlantic Corp ................................ 6,100 315,352 303,475
BellSouth Corp .................................... 7,400 393,231 400,525
GTE Corp .......................................... 14,900 491,492 452,588
MCI Communications Corp ........................... 10,200 207,266 187,425
NYNEX Corp ........................................ 6,300 257,599 231,525
Pacific Telesis Group ............................. 6,900 192,763 196,650
Southwestern Bell Corp ............................ 9,400 310,666 379,525
Sprint Corp ....................................... 5,200 161,998 143,650
U S West Inc ...................................... 7,300 287,013 260,062
--------- ---------
Total Utility - Telephone ................... 3,965,123 4,047,155
Vending and Food Service
Bruno's Inc ....................................... 1,300 16,575 10,888
--------- ---------
Total Domestic
Common Stocks ......................... 42,780,900 47,927,008
Foreign Common Stocks
Beverage
Seagram Ltd ....................................... 4,600 114,945 135,700
</TABLE>
S-14
<PAGE>
<TABLE><CAPTION>
Schedule I
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
(c) Description of
investment, including
maturity date, rate of
(b) Identity of issue, borrowing lessor or interest, collateral
(a) Similar Party par or maturity value (d) Cost (e)Current Value
- --- ------------- ----------------------- -------- ----------------
<C> <S> <C> <C> <C>
Electronics
Northern Telecom Ltd .............................. 2,900 106,878 96,788
Food
Unilever N.V. ..................................... 2,300 223,972 267,950
Machinery - Other
Echo Bay Mines Ltd ................................ 2,100 23,657 22,313
Metals - Aluminum
Alcan Aluminum Ltd ................................ 2,900 65,810 73,588
Metals - Other
American Barrick Resources Corp ................... 5,600 147,951 124,600
Inco Ltd .......................................... 2,000 54,142 57,250
Placer Dome Inc ................................... 4,300 79,169 93,525
------- --------
Total Metals - Other ........................... 281,262 275,375
Office Equipment
Moore Corp. Ltd ................................... 700 20,041 13,213
Oil - International
Royal Dutch Petroleum Co .......................... 8,000 689,380 862,000
Oil - Service
Schlumberger Ltd ................................ 3,900 231,484 196,463
----------- ----------
Total Foreign Common Stocks .......................... 1,757,429 1,943,390
----------- ----------
Total Common Stocks ....................... 44,538,329 49,870,398
----------- ----------
Cash ...................................... 809,872 809,872
----------- ----------
Total Equity Fund ......................... 47,184,339 52,516,408
----------- ----------
Income Investment Fund
Temporary Investments
* State Street Bank & Trust Company
Government Short-Term
Investment Fund ................................... 44,651,600 44,651,600 44,651,600
Guaranteed Investment Contracts
* Bankers Trust Company
4.869%; interest and principal due
monthly commencing November 15,
1995; final payment due
November 15, 1997 ................................... 10,012,636 10,012,636 10,012,636
* Identified as a party-in-interest to the Plan.
S-15
</TABLE>
<PAGE>
<TABLE><CAPTION>
Schedule I
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
(c) Description of
investment, including
maturity date, rate of
(b) Identity of issue, borrowing lessor or interest, collateral
(a) similar party par or maturity value (d) Cost (e) Current Value
- --- ------------- ----------------------- -------- -----------------
<C> <S> <C> <C> <C>
Guaranteed Investment Contracts (continued)
* Bankers Trust Company
6.45%; interest and principal due
September 30, 1995 and
December 31, 1996.............................. 11,912,568 11,912,568 11,912,568
* J.P. Morgan
5.8%; interest and principal due
June 30, 1994, March 31, 1995
and September 30, 1995......................... 6,731,156 6,731,156 6,731,156
* J.P. Morgan
5.329%; interest and principal due
semi-annually commencing July 15, 1996;
final payment due January 15, 1999............. 10,820,717 10,820,717 10,820,717
Metropolitan Life Insurance Co.
8.95%; interest and principal
due December 31, 1994.......................... 2,049,660 2,049,660 2,049,660
Principal Mutual Life Insurance Co.
9.04%; interest and principal due
September 30, 1995 and 1996.................... 4,695,009 4,695,009 4,695,009
Principal Mutual Life Insurance Co.
8.10%; interest and principal due
June 30, 1995 and 1996......................... 4,681,350 4,681,350 4,681,350
Prudential Insurance Company of America
7.62%; interest and principal due
June 30, 1994 and 1995 and
December 31, 1995.............................. 3,446,671 3,446,671 3,446,671
Prudential Insurance Company of America
8.72%; interest and principal
due March 31, 1994 and
December 31, 1995.............................. 2,430,878 2,430,878 2,430,878
Prudential Insurance Company of America
9.55 %; interest and principal
due March 31, 1994 and 1995.................... 2,766,106 2,766,106 2,766,106
Rabobank of the Netherlands
5.6%........................................... 10,001,556 10,001,556 10,001,556
</TABLE>
*Identified as a party-in-interest to the Plan.
S-16
<PAGE>
<TABLE><CAPTION>
Schedule I
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
(c) Description of
investment, including
maturity date, rate of
(b) Identity of issue, borrowing lessor or interest, collateral
(a) similar party par or maturity value (d) Cost (e) Current Value
- --- ------------- ----------------------- -------- -----------------
<C> <S> <C> <C> <C>
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..................................... 79,548,307 79,548,307
----------- -----------
Cash and Cash Equivalents....................... 3,876,637 3,876,637
----------- -----------
Total Income Fund................................. 128,076,544 128,076,544
Balanced Fund
* Chemical Bank Short-Term
Investment Fund................................. 1,527 1,527 1,527
* J.P. Morgan Investment Management Inc.
Liquidity Fund.................................. 786 786,000 786,000
Managed Bond Fund............................... 68,103 8,355,925 7,966,212
Research Enhanced Index Fund.................... 63,348 8,681,404 8,820,575
----------- -----------
Total Balanced Fund........................... 17,824,856 17,574,314
----------- -----------
Clearing Fund
* Chemical Bank Short-Term
Investment Fund................................. 724,346 724,346 724,346
Member loans receivable 13,074,397 13,074,397
----------- -----------
TOTAL INVESTMENTS........................ $327,502,199 $349,811,085
============ ============
</TABLE>
*Identified as a party-in-interest to the Plan.
S-17
<PAGE>
<TABLE><CAPTION>
Schedule II
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
WHICH WERE BOTH ACQUIRED AND DISPOSED OF WITHIN THE PLAN
YEAR ENDED DECEMBER 31, 1994
(b) Description of
investment, including
maturity date, rate of
(a) Identity of issue, borrowing lessor or interest, collateral (c) Cost of (d) Proceeds of
Similar Party par or maturity value acquisitions Dispositions
------------- ----------------------- -------------- ----------------
<S> <C> <C> <C>
EMPLOYER FUND
- -------------
Viacom Inc. Stock Fund
Chemical Bank Short-Term
Investment Fund ................................... 135,900,129 $ 135,900,129 $ 135,900,129
State Street Bank
Short-term Investment Fund ......................... 82,393,406 82,393,406 82,393,406
Paramount Communications Inc. Common Stock ............ 454,525 20,222,191 45,586,024
Viacom Inc. Warrants to purchase Class B
Common Stock ....................................... 377,523 415,718 546,162
Viacom Inc. Warrant expire 7/6/99 ..................... 226,512 744,453 855,651
Viacom Inc. 8% Subordinated Exchangeable
Debentures due 7/7/2006 ............................ 57,000 35,675 30,631
Viacom Inc. Class B Common Stock ...................... 3,071 15,240 30,631
EMPLOYEE FUND
- -------------
Viacom Inc. Stock Fund
Chemical Bank Short-Term
Investment Fund ................................... 30,209,965 30,209,965 30,209,965
State Street Bank
Short-term Investment Fund ......................... 20,623,995 20,623,995 20,623,995
State Street Bank Warrants ............................ 96,847 96,847 96,847
Paramount Communications Inc. Common Stock ............ 28,106 1,457,379 1,332,805
Viacom Inc. Warrants to purchase
Class B Common Stock ............................... 4,250 6,375 9,079
Viacom Inc. Warrants expire 7/6/99 .................... 2,550 9,401 9,486
Viacom Inc. 8% Subordinated Exchangeable
Debentures due 7/7/2006 ............................ 148,750 89,304 126,285
Viacom Inc. Class B Common Stock ...................... 7,910 247,187 305,063
S-18
</TABLE>
<PAGE>
<TABLE><CAPTION>
Schedule II
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
WHICH WERE BOTH ACQUIRED AND DISPOSED OF WITHIN THE PLAN
YEAR ENDED DECEMBER 31, 1994
(b) Description of
investment, including
maturity date, rate
(a) Identity of issue, borrowing lessor or of interest, collateral (c) Cost of (d) Proceeds of
similar party par or maturity value acquisitions Dispositions
------------- --------------------- ------------ ----------------
<S> <C> <C> <C>
Equity Fund:
Bankers Trust Pyramid Discretionary Cash Fund ............ 14,567,696 14,567,696 14,567,696
Chrysler Corp ............................................ 300 7,889 14,278
General Motors Corp ...................................... 900 37,096 38,672
Citicorp ................................................. 400 8,459 16,525
Coca Cola Co ............................................. 1,300 45,147 62,259
Pepsico Inc .............................................. 600 20,117 20,644
Georgia Pac Corp ......................................... 100 5,380 6,972
Dow Chem Co .............................................. 100 5,754 7,209
Bristol Myers Squibb Co .................................. 200 13,550 11,619
Lilly Eli & Co ........................................... 200 14,042 12,244
Merck & Co Inc ........................................... 800 30,864 27,275
Pfizer Inc ............................................... 400 24,285 28,962
Schering Plough Corp ..................................... 200 11,833 14,869
Syntex Corp .............................................. 500 14,916 12,000
General Electric Co ...................................... 500 19,744 23,234
Hewlett Packard Co ....................................... 300 18,653 28,478
Intel Corp ............................................... 800 30,619 49,644
Litton Inds Inc .......................................... 600 15,408 19,394
Motorola Inc ............................................. 300 8,520 17,015
Texas Instruments Inc .................................... 200 9,176 15,443
American Express Co ...................................... 100 2,548 3,109
Federal National Mortgage Assn............................ 100 6,180 7,272
Borden Inc ............................................... 3,000 76,589 39,254
McDonalds Corp ........................................... 800 16,760 22,200
Travelers Inc ............................................ 321 8,416 12,213
Walt Disney Co ........................................... 400 13,986 17,537
Amgen Inc ................................................ 200 11,379 11,375
Columbia/HCA Healthcare Corp ............................. 100 3,556 3,747
Johnson & Johnson ........................................ 700 31,638 36,415
Apple Computer ........................................... 400 17,228 15,122
Cisco Systems Inc......................................... 900 29,850 26,638
Compaq Computer Corp ..................................... 600 12,031 21,656
Digital Equip Corp ....................................... 100 4,949 3,497
Lotus Development Corp.................................... 200 6,677 8,300
Microsoft Corp ........................................... 400 21,808 24,700
Micron Technology Inc .................................... 400 14,487 16,787
Novell Inc ............................................... 900 20,550 17,888
Sun Microsystems ......................................... 400 12,813 13,350
Mobil Corp ............................................... 400 27,116 33,762
S-19
</TABLE>
<PAGE>
<TABLE><CAPTION>
Schedule II
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
WHICH WERE BOTH ACQUIRED AND DISPOSED OF WITHIN THE PLAN
YEAR ENDED DECEMBER 31, 1994
(b) Description of
investment, including
maturity date, rate
(a) Identity of issue, borrowing lessor or of interest, collateral (c) Cost of (d) Proceeds of
similar party par or maturity value acquisitions Dispositions
------------- --------------------- ------------ ------------
<S> <C> <C> <C>
Equity Fund: (continued)
International Paper Co ....................................... 200 12,667 14,094
Eastman Kodak Co ............................................. 500 19,124 22,097
Gap Stores Inc ............................................... 400 13,530 14,438
Home Depot Inc ............................................... 500 16,809 22,122
Nordstrom Inc ................................................ 200 6,635 9,400
Sears Roebuck & Co ........................................... 100 3,197 4,684
Wal Mart Stores Inc .......................................... 900 20,774 21,235
Procter & Gamble Co .......................................... 300 14,205 18,928
CBS Inc ...................................................... 12 2,247 3,900
Tele Communications Inc ...................................... 500 9,850 11,875
Viacom Inc ................................................... 2,485 62,526 65,295
AT&T Corp .................................................... 100 4,599 4,897
Bellsouth Corp ............................................... 400 21,256 20,887
GTE Corp ..................................................... 400 13,319 13,288
MCI Communications Corp ...................................... 300 6,005 6,472
Sprint Corp .................................................. 400 12,461 11,938
American Barrick Resources Corp............................... 200 5,284 4,269
Balanced Fund:
Chemical Banking Corporation Temporary
Investment Fund ............................................ 5,219,428 5,219,428 5,219,428
J.P. Morgan Investment Management Inc.
Liquidity Fund ............................................. 1,206,095 7,295,000 7,295,000
Managed Bond Fund .......................................... 855 105,226 101,003
Researched Enhanced Index Fund ............................. 3,916 526,930 545,295
</TABLE>
S-20
<PAGE>
<TABLE><CAPTION>
Schedule III
PARAMOUNT COMMUNICATIONS INC. EMPLOYEES' SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1994
Description of Asset
(Including Interest Rate
and Maturity in Purchase Selling
Identify of Party Involved cost of loan) Transactions Price Price
- -------------------------- ------------ ------------ -------- -------
<S> <C> <C> <C> <C>
Single Transaction:
- ------------------
Paramount Communications Inc. Sale of 586,069 shares of
common stock 1 $62,709,383
Chemical Bank Short-Term
Investment Fund Purchase of participation 1 $62,709,383
Sale of participation 1 $62,709,383
State Street Bank
Short-Term Investment Fund Purchase of participation 1 $62,709,383
Transfer of assets from Paramount
Communications Inc. Employee
Stock Ownership Plan 1
Series Transactions:
- --------------------
Paramount Communications Inc. Sale of 670,312 shares of
common stock 16 $66,803,742
Chemical Bank Short-Term
Investment Fund Purchase of participation 289 $152,442,537
Sale of participation 164 $151,437,022
State Street Bank
Short-Term Investment Fund Purchase of participation 21 $65,489,139
Sale of participation 63 $62,243,213
Bankers Trust Pyramid Discretionary
Cash Fund Purchase of participation 31 $16,097,082
Sale of participation 7 $14,567,696
Viacom Inc. Class B Common
Stock Purchase of 1,528,044 shares 69 $52,600,392
<CAPTION>
Description of Asset Current Value
(Including Interest Rate of Asset on
and Maturity in Cost of Transaction Net Gain
Identify of Party Involved cost of loan) Asset Date or (Loss)
- -------------------------- ------------ ------- -------------- ---------
<S> <C> <C> <C> <C>
Single Transaction:
- ------------------
Paramount Communications Inc. Sale of 586,069 shares of
common stock $43,228,440 $62,709,383 $19,480,943
Chemical Bank Short-Term
Investment Fund Purchase of participation
Sale of participation $62,709,383 $62,709,383
State Street Bank
Short-Term Investment Fund Purchase of participation
Transfer of assets from Paramount
Communications Inc. Employee
Stock Ownership Plan $59,260,123
Series Transactions:
- --------------------
Paramount Communications Inc. Sale of 670,312 shares of
common stock $46,549,434 $66,803,742 $20,254,308
Chemical Bank Short-Term
Investment Fund Purchase of participation
Sale of participation $151,437,022 $151,437,022
State Street Bank
Short-Term Investment Fund Purchase of participation
Sale of participation $62,243,213 $62,243,213
Bankers Trust Pyramid Discretionary
Cash Fund Purchase of participation
Sale of participation $14,567,696 $14,567,696
Viacom Inc. Class B Common
Stock Purchase of 1,528,044 shares
</TABLE>
S-21
<PAGE>
Exhibit I
Consent of Independent Accountants
We hereby consent to the incorporation by reference in the Prospectus
constituting part of the Registration Statement on Form S-3 (Nos. 33-53485
and 33-55785) and Form S-8 (Nos. 33-41934, 33-56088, 33-59049, 33-59141,
33-55173 and 33-55709) of Viacom Inc. of our report dated June 28, 1995,
relating to the financial statements and schedules of the Paramount
Communications Inc. Employees' Savings Plan, appearing on page F-2 of this
Form 11-K.
Price Waterhouse LLP
New York, New York
June 28, 1995
<PAGE>
Exhibit I
Consent of Independent Auditors
We consent to the incorporation by reference in Registration Statements
Form S-3 (Nos. 33-53485 and 33-55785) and Form S-8 (Nos. 33-41934, 33-55173,
33-55709, 33-56088, 33-59049 and 33-59141) of Viacom Inc. of our report
dated June 17, 1994, except for Note A the second paragraph of the Loan
Provision section, as to which the date is June 28, 1995, with respect
to the 1993 financial statements of the Paramount Communications Inc.
Employees' Savings Plan included in this Annual Report (Form 11-K) for the
year ended December 31, 1994.
New York, New York Ernst & Young LLP
June 28, 1995
