Dealmaking by Guhan Subramanian

Author:Guhan Subramanian
Language: eng
Format: epub, mobi
Publisher: W. W. Norton & Company
Published: 2010-03-01T16:00:00+00:00

Diller had packed up 10 lbs. of Paramount documents and hauled them along on a year-end Caribbean vacation. Running the numbers while onboard the rented yacht Midnight Saga as he cruised off St. Barts, Diller decided that Paramount was not worth a penny more than the $10 billion in cash and stock that QVC was bidding. “When I came back on Jan. 3,” he recalls, “I said, ‘We’re not going to exceed our offer…’ It would have been irresponsible, I thought, and I held to that belief.”29

Diller clung to his existing offer and lost to Viacom’s $107 bid. A clinical study of the deal several years later estimated that Viacom had overpaid by more than $2 billion, and that QVC would have overpaid by $688 million, had it won.30 Disciplined analysis on the Midnight Saga saved Diller from winning the auction and not wanting the prize.

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