SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________
SCHEDULE 13D
(Amendment No. 2)
Under the Securities Exchange Act of 1934
BLOCKBUSTER ENTERTAINMENT CORPORATION
(Name of Issuer)
Common Stock, Par Value $.10 Per Share
(Title of Class of Securities)
093676 10 4
(CUSIP Number)
Philippe P. Dauman, Esq.
Viacom Inc.
200 Elm Street
Dedham, Massachusetts 02026
Telephone: (617) 461-1600
(Name, Address and Telephone Number of
Person Authorized to Receive Notices and
Communications)
Copy to:
Stephen R. Volk, Esq.
Shearman & Sterling
599 Lexington Avenue
New York, NY 10022
Telephone: (212) 848-4000
September 29, 1994
(Date of Event which Requires Filing of this Statement)
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If the filing person has previously filed a statement on
Schedule 13G to report the acquisition which is the subject
of this Schedule 13D, and is filing this schedule because of
Rule 13d-1(b)(3) or (4), check the following box / /.
Check the following box if a fee is being paid with this
statement / /.
Page 1 of ___ Pages
CUSIP No. 093676 10 4
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
VIACOM INC.
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I.R.S. Identification No. 04-2949533
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(2) Check the Appropriate Box if a Member of Group (See Instructions)
/ / (a)
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/ / (b)
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(3) SEC Use Only
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(4) Sources of Funds (See Instructions)
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e).
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(6) Citizenship or Place of Organization Delaware
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Number of (7) Sole Voting Power
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Shares
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Beneficially (8) Shared Voting Power -0-
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Owned by
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Each (9) Sole Dispositive Power
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Reporting
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Person (10) Shared Dispositive Power -0-
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With
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
-0-
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
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(13) Percent of Class Represented by Amount in Row (11)
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Not applicable.
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(14) Type of Reporting Person (See Instructions) CO
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Page 2 of ___ Pages
CUSIP No. 093676 10 4
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
SUMNER M. REDSTONE
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S.S. No.
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(2) Check the Appropriate Box if a Member of Group (See Instructions)
/ / (a)
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/ / (b)
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(3) SEC Use Only
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(4) Sources of Funds (See Instructions)
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e).
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(6) Citizenship or Place of Organization United States
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Number of (7) Sole Voting Power
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Shares
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Beneficially (8) Shared Voting Power -0-
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Owned by
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Each (9) Sole Dispositive Power
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Reporting
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Person (10) Shared Dispositive Power -0-
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With
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
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-0-
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
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(13) Percent of Class Represented by Amount in Row (11)
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Not applicable.
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(14) Type of Reporting Person (See Instructions) IN
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Page 3 of ___ Pages
This Amendment No. 2 amends the Statement on
Schedule 13D, as amended (the "Statement"), filed with the
Securities and Exchange Commission (the "Commission") on
January 18, 1994 by Viacom Inc. ("Viacom") and Sumner M.
Redstone (the "Statement") with respect to the common stock,
par value $.10 per share (the "Common Stock"), of
Blockbuster Entertainment Corporation, a Delaware
corporation (the "Issuer"), with its principal executive
offices located at One Blockbuster Plaza, Ft. Lauderdale,
Florida 33301. Capitalized terms used but not defined
herein have the meanings assigned to such terms in the
Statement.
Item 3. Source and Amount of Funds or Other Consideration.
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Item 3 of the Statement is hereby amended and
supplemented as follows:
The shares of Common Stock the subject of the
Statement were cancelled in connection with the merger of
the Issuer with and into Viacom (the "Merger"), with Viacom
as the surviving corporation, in accordance with the terms
and conditions of the Agreement and Plan of Merger, dated as
of January 7, 1994, between Viacom and the Issuer, as
amended as of June 15, 1994 (the "Merger Agreement").
Pursuant thereto, each share of Common Stock (other than
shares held by Viacom, the Issuer and, if appraisal rights
are available under the Delaware General Corporation Law,
those holders who have demanded and perfected appraisal
rights) has been cancelled and converted into the right to
receive (i) 0.08 of a share of Class A Common Stock, par
value $.01 per share, of Viacom ("Viacom Class A Common
Stock"), (ii) 0.60615 of a share of Class B Common Stock,
par value $.01 per share, of Viacom ("Viacom Class B Common
Stock") and (iii) up to an additional 0.13829 of a share of
Viacom Class B Common Stock, with such number of shares
depending on market prices of Viacom Class B Common Stock
during the year following the effective time of the Merger,
evidenced by one variable common right of Viacom.
Item 4. Purpose of Transaction.
----------------------
Item 4 is hereby amended and supplemented as
follows:
On September 29, 1994, pursuant to the terms and
conditions of the Merger Agreement, (A) the Issuer was
merged with and into Viacom with Viacom as the surviving
corporation and (B) each outstanding share of Common Stock
(other than shares held by Viacom, the Issuer and, if
appraisal rights are available under the Delaware General
Corporation Law, those holders who have demanded and
perfected appraisal rights) was cancelled and converted into
the right to receive (i) 0.08 of a share of Viacom Class A
Common Stock, (ii) 0.60615 of a share of Viacom Class B
Common Stock and (iii) up to an additional 0.13829 of a
share of Viacom Class B Common Stock, with such number of
shares depending on market prices of Viacom Class B Common
Stock during the year following the effective time of the
Merger, evidenced by one variable common right of Viacom. A
copy of the press release
Page 4 of ___ Pages
issued by Viacom on September 29, 1994, relating to the
consummation of the Merger, is attached hereto as Exhibit
99.1 and is incorporated herein by reference.
Item 5. Interest in Securities of the Issuer.
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On September 29, 1994, the Merger was consummated.
As a result thereof, the shares of Common Stock the subject
of the Statement were cancelled.
Item 7. Material to Be Filed as Exhibits.
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99.1 Press release issued by Viacom Inc. on September 29,
1994.
Page 5 of ___ Pages
Signature
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After reasonable inquiry and to the best of our
knowledge and belief, we certify that the information set
forth in this Statement is true, complete and correct.
October 4, 1994 VIACOM INC.
By /s/ Philippe P. Dauman
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Name: Philippe P. Dauman
Title: Executive Vice
President,
Chief Administrative
Officer, General
Counsel and
Secretary
Page 6 of ___ Pages
Signature
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After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information set
forth in this Statement is true, complete and correct.
October 4, 1994
*
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Sumner M. Redstone, Individually
*By /s/ Philippe P. Dauman
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Philippe P. Dauman
Attorney-in-Fact
under the Limited Power
of Attorney filed as Exhibit 3
to the Statement.
Page 7 of ___ Pages
Exhibit Index
Exhibit No. Description Page No.
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99.1 Press release issued by Viacom Inc.
on September 29, 1994.
Page 8 of ___ Pages
News from VIACOM
VIACOM COMPLETES MERGER WITH BLOCKBUSTER
--Combined Company Has Capitalization of $26 Billion--
New York, New York, September 29, 1994 -- Viacom Inc. (AMEX: VIA
and VIAB) and Blockbuster Entertainment Corporation (NYSE: BV)
have completed their merger, it was announced today by Sumner M.
Redstone, Chairman of the Board, and Frank J. Biondi, Jr.,
President and Chief Executive Officer, of Viacom.
As previously announced, H. Wayne Huizenga, former Chairman of
the Board and Chief Executive Officer of Blockbuster, has been
named Vice Chairman of Viacom, as well as Chairman of a newly
formed unit of the Company, the Blockbuster Entertainment Group.
Steven R. Berrard, formerly Vice Chairman, President and Chief
Operating Officer of Blockbuster, will serve as President and
Chief Executive Officer of the Blockbuster Entertainment Group.
The merger was approved by holders of Viacom Class A Common Stock
and stockholders of Blockbuster at Viacom's Special Meeting of
Stockholders held today in New York City and Blockbuster's
Special Meeting of Stockholders held today in Fort Lauderdale,
Florida. A total of 50,726,022 shares, or 95%, of the
outstanding Viacom Class A shares, approved the merger. A total
of 147,122,912 shares, or 57.7%, of the outstanding Blockbuster
shares, approved the merger.
In making the announcement, Mr. Redstone said, "With the
completion of Viacom's merger with Blockbuster, we have created a
single, incomparable, global media colossus. The new Viacom not
only controls many of the world's most valuable and recognizable
entertainment and publishing brands, but also has the
distribution, size and scope to drive these brands into every
region of the world. With pro forma combined capitalization of
$26 billion at June 30, 1994, Viacom is positioned to become the
fastest growing media company in the world."
Mr. Biondi said, "We are moving aggressively to consolidate
Viacom and Blockbuster, implement new cross-divisional projects
at our existing operations, and capitalize on new opportunities -
- just as we did immediately following our acquisition of
Paramount. In addition, one of our highest priorities will be to
continue with our financial restructuring program to reduce the
cost of our debt and enhance our financial flexibility, thereby
enabling us to reinvest in the continued expansion of our core
business."
Mr. Huizenga said, "The completion of this merger creates an
array of new opportunities for Blockbuster's businesses. Our
operations -- and the talented people behind them -- are now part
of one of the world's largest and most successful entertainment
companies. As members of the Viacom family, they will now have
the chance to expand in new directions and strengthen the
Blockbuster brand in the growing global entertainment
marketplace."
Mr. Berrard said, "Viacom and Blockbuster share remarkably
similar histories -- both are companies with entrepreneurial
spirit, creative management teams, a commitment to excellence and
exceptional financial track records. Today marks the beginning
of an exciting new era, one which we firmly believe will yield
even greater achievements."
As a result of the merger, each share of Blockbuster stock has
been converted into the right to receive 0.08 of a share of
Viacom Class A Common Stock, 0.60615 of a share of Viacom Class B
Common Stock, and one variable common right (VCR). Each VCR will
represent the right to receive up to an additional 0.13829 of a
share of Viacom Class B Stock, depending upon market prices of
Viacom Class B Common Stock during the period until September 29,
1995.
Viacom Inc. is one of the world's largest entertainment and
publishing companies and a leading force in nearly every segment
of the international media marketplace. The operations of Viacom
include Blockbuster Music; Blockbuster Video; MTV Networks;
Paramount Parks; Paramount Pictures; Paramount Television;
Showtime Networks Inc.; Simon & Schuster; Viacom Interactive
Media; cable systems serving 1.1 million customers; movie screens
in 11 countries; 14 radio stations; 12 television stations; and
majority interests in Spelling Entertainment Group and Discovery
Zone. National Amusements, Inc., a closely held corporation
which owns and operates more than 850 movie screens in the U.S.
and the U.K., is the parent company of Viacom Inc.
# # #
Contact: Carl Folta Hilary Condit
212/258-6352 212/258-6346
