Salomon Shedding Stake in TVX: Paramount Communications...

Salomon Shedding Stake in TVX: Paramount Communications Inc. said it has agreed to buy Salomon Bros.’ equity interest in TVX Broadcast Group Inc. for $110 million by accelerating options that it holds in TVX. Salomon’s holdings, which primarily consist of convertible preferred stock, constitute about 79% of outstanding stock in TVX, which owns seven independent television stations. Paramount said it will purchase $30 million in TVX debt obligations held by Salomon Bros. “This transaction represents another significant step in our strategic development as an expanding communications company,” Paramount said. The transaction is subject to regulatory approval.