VIACOM &lt;VIA> MERGER EXPECTED IN 60 TO 90 DAYS

  Sumner Redstone, president of National
  Amusements, Inc, predicted he can win regulatory approvals to
  wrap up the 3.4 billion dlr acquisition of Viacom International
  Inc in 60 to 90 days.
      Redstone, 63, catapulted himself into the big leagues of
  entertainment early today when a group of Viacom managers and
  their financial backers decided not to top National's bid.
      "We've had counsel working for some time in every region
  where Viacom has cable televison systems" Redstone told Reuters
  in a telephone interview.
      Redstone also said "Viacom is committed to working very
  closely with us to obtain approvals." Viacom has been seeking
  approvals for transfer of its broadcast licenses and cable
  systems since September when its management group first
  advanced a buyout plan.
      But Redstone turned the situation into a spirited bidding
  contest which was capped by the announcement this morning that
  Viacom's independent directors on behalf of Viacom entered into
  a defintive merger agreement with National.
      National is a family business which operates a chain of
  movie theaters. It is dwarfed by Viacom.
      Redstone said he was weary after talks dragged on through
  the night but also excited at the prospect of running a leading
  electronic media company. He noted that the number of motion
  picture admissions in the U.S. has shown no growth in 15 years.
      Of nine satellite television channels operated by Viacom,
  four are motion-picture oriented pay channels. Redstone said
  exclusive contracts with pay television networks are the
  emerging trend. "Up until recently you could see any motion
  picture on any pay channel," Redstone said.
      He noted Viacom has exclusive agreements with two studios
  and plans to sign a deal with a third company next month.
      Redstone said the management group's investment bankers
  will be paid what is due for termination of its merger
  agreement. Such fees could total about 30 mln dlrs. "That will
  be a company expense," Redstone said.
      He said BankAmerica &lt;BAC> Corp has had numerous inquiries
  from lenders who want to participate in a 2.25 billion dlr
  financing for the deal. BankAmerica will provide 592 mln dlrs.
      After the merger, Viacom will be a subsidiary of National
  but 17 pct of the company will be in public hands.
  

