Barry Diller's home shopping network QVC announced Saturday that it has secured financing for its $90 cash offer to buy 51 percent of the outstanding shares of Paramount Communications.

The infusion of cash moves Diller one step closer to wresting control over the entertainment conglomerate, which he is seeking to acquire with the hostile bid.In an ongoing tug of war, Viacom Inc. is also seeking, through a friendly offer, to take over Paramount.

QVC said Saturday a group of six banks has committed to lend $3 billion to QVC to buy Paramount shares and BellSouth Corp. has committed to purchase $1.5 billion in QVC equity securities in support of QVC's tender offer.

QVC has offered $10.6 billion for Paramount to prevent shareholders accepting Viacom's $9.7 billion bid.

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Traders believe many institutional investors might decide to accept Viacom's offer, which has been endorsed by the Paramount board. Viacom's offer expires at midnight Monday.

Both QVC and Viacom have offered to buy 51 percent of the Paramount shares in cash, with QVC's cash equalling $5.5 billion and Viacom's at $5.1 billion.

Paramount has remained committed to the original Sept. 12 agreement with Viacom.

Its board said this week that Viacom offered a more solid financial backing than QVC and on Viacom being a better strategic match.

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