Qvc

Md. jobless claims down last weekFirst-time applications for state unemployment benefits declined last week by 21,000, to 332,000, the lowest level in nearly four months, the government reported yesterday.The Labor Department said in the report that the decrease was the biggest in 10 weeks. Most economists were expecting a much more modest decline of about 7,000.Eisner interest in CBS deal deniedExecutives close to both QVC Inc. and CBS Inc. yesterday denied reports that the chairman of Walt Disney Co., Michael Eisner, had approached them about becoming involved in their merger.

NEW YORK -- Wall Street gushed last week over the announcement that CBS and QVC were engaged to be merged, but it was not because anyone was convinced the two intendeds were necessarily a perfect match.As John Reidy, a media analyst at Smith Barney, put it: "Forget all the QVC stuff. Barry Diller is the reason this is an awesome deal."That theme was echoed throughout the television industry in the wake of the news that Mr. Diller, the chairman of the home-shopping channel QVC, would become the chief executive CBS after completion of the merger.

LOS ANGELES -- CBS Inc. Chief Executive Laurence A. Tisch and QVC Inc. Chairman Barry Diller are negotiating to combine their companies in a deal valued at roughly $2 billion, sources close to the talks said yesterday.Under the terms being discussed, CBS would acquire the smaller QVC in a stock swap that would follow a cash payout to CBS shareholders. Mr. Diller would assume control of the combined company, with the 71-year-old Mr. Tisch agreeing to retire upon completion of the merger.The deal would create an entertainment/home shopping conglomerate with strong ties to the cable TV industry and the emerging information superhighway -- and take some investor pressure off of both companies.

Mortgage totals expected to fallThe dollar amount of new mortgages is expected to fall about 20 percent this year, to about $800 billion, as borrowers shy away from home purchases due to higher interest rates, the Mortgage Bankers Association said yesterday.This compares with a record $1.01 trillion of mortgages produced last year."If interest rates rise further, it [the estimate] will be adjusted" even lower, Stephen Ashley, MBA president, told journalists at a conference here.USAir to lighten up on weightsUSAir Group Inc. will temporarily drop its policy of weighstandards for flight attendants and pay $90,000 to resolve an equal opportunity lawsuit, the airline said yesterday.

The admiral went down with his ship, after some persuading.Every politician in America knows that the way to keep more violent criminals longer behind bars is not to pass more laws but to build more prisons.North Korea will let us inspect as long as we don't look where the bombs are.Viacom won out over QVC for Paramount and you are supposed to care.

NEW YORK -- The five-month battle for Paramount Communications Inc. may have been hell for bidders and the news-weary public. But it was heaven for the investment bankers and the lawyers, judging by the fees they pulled down.Investment bankers and investors estimate that Paramount Communications Inc., Viacom Inc. and QVC Network Inc. may end up paying as much as $150 million total for their army of advisers.Investment advisers worked around-the-clock for months as QVC and Viacom rehashed the terms of their bids and lobbied Paramount's board and investors.

Viacom Inc.'s 70-year-old chairman, Sumner M. Redstone -- a man who began his career managing two movie theaters and will now personally control what becomes the nation's second-largest media conglomerate after Time Warner -- has suddenly become the most powerful executive in the entertainment business.But to achieve that status, Mr. Redstone has taken on billions of dollars in debt and the daunting task of melding Viacom and Paramount Communications Inc., a disparate empire that will include Paramount Pictures, MTV, Simon & Schuster, cable television stations, the New York Knicks basketball team and the New York Rangers hockey team.

NEW YORK -- One of Wall Street's longest takeover battles ended yesterday in a crescendo of anger, disbelief and disappointment. And that was on the winning side.Officially, Viacom Inc. sounded a triumphant note after being declared the official winner of the $10 billion Paramount Communications Inc. sweepstakes. Paramount shareholders voted overwhelmingly to sell their shares to Viacom, which had offered a combination of cash and stocks worth $9.8 billion.The loser was QVC Inc., which had tried over the past five months to horn in on the arranged marriage between Viacom and Paramount.

NEW YORK -- As the midnight deadline neared last night in the long-running takeover battle for Paramount Communications, even executives close to QVC Network conceded that Viacom had apparently won.But even if Viacom has succeeded in its five-month struggle with QVC, there were indications yesterday that the merged Viacom-Paramount might face even greater financial pressures than have been expected.The problems involve Viacom's plan to strengthen its hand by also acquiring Blockbuster Entertainment, the leader in video rentals.

NEW YORK -- The sparring among Paramount Communications Inc. and its rival suitors, Viacom Inc. and QVC Network Inc., heightened yesterday, raising the prospect that the five-month takeover battle will limp past its scheduled Tuesday finale.QVC, responding to "grave concerns" expressed by Paramount about its behavior, told the media and entertainment company it is complying with the auction procedures, which prohibit new bids before Tuesday.At the same time, QVC stated that it was free to amend its bid if neither side gets a majority of Paramount shares by the expiration of tender offers at midnight Monday.