Redstone Wins Viacom Bidding

NEW YORK — Theater operator Sumner Redstone emerged victorious today in a bidding war for Viacom International Inc. as the large cable and broadcast company agreed to his complicated bid estimated at more than $3 billion.

After being pursued for nearly a year by various investors, an independent committee of the Viacom board chose a bid by Redstone’s privately held National Amusements Inc. over one submitted by company management. Redstone’s group will pay cash of $42.75 a share, preferred stock of $7.75 and retain 17.4% equity of the surviving company.