Viacom’s Bid Unsweetened as Takeover Deadline Nears : Mergers: If the competing tender offers expire unchanged on Friday, QVC will win Paramount.

Two days before the expiration of rival tender offers for Paramount Communications Inc., bankers representing the sought-after entertainment conglomerate said there had been no new offer from Viacom Inc., leaving QVC Network Inc. the leading bidder.

Competing tender offers for Paramount from Viacom and QVC, with which Paramount has signed a merger agreement, are due to expire Friday.

A banker at Lazard Freres, which represents Paramount, said Paramount received no new bid from Viacom.

“At the moment, we’re not aware of any bid,” the banker said. “But the window is open . . . until Friday.”

Arbitragers also said there were unconfirmed rumors that Viacom bankers were asking Paramount shareholders to refrain from tendering their shares Friday.

They said it was unclear whether any of the reports were legitimate or were a smoke screen aimed at depressing the value of QVC’s current high cash-and-stock bid.

QVC shares rose 75 cents to close at $40.50. They sagged earlier Wednesday amid doubts about Viacom’s ability or desire to raise its bid and concern that a Paramount takeover would prove costly for the home shopping network.

Viacom closed at $47.875, off 62.5 cents. Paramount closed up 75 cents at $78.25.

The QVC bid of $92 cash for 51% of Paramount and securities for the rest is now worth about $9.66 billion, compared to $9.51 billion for Viacom’s bid of $85 cash for 51% and shares for the rest.

The New York Times reported Wednesday that a source close to Viacom said Chairman Sumner Redstone was leaning against a higher bid.

Viacom was said to be talking with Blockbuster Entertainment Corp. on Tuesday and Wednesday about additional financial backing for its bid. Spokesmen for both companies declined to comment on the swirl of rumors surrounding the negotiations.

Blockbuster has already supplied Viacom with a $600-million cash infusion to help bolster its bid for Paramount.

A Blockbuster spokesman, asked about rumors that it had reached an agreement to help Viacom finance a new bid, said: “That’s the first time I’ve heard that one. We don’t comment on market rumors as a matter of policy.”

The possibility of any additional Blockbuster role in Viacom’s bid rests with Blockbuster’s hard-driving chief executive, Wayne Huizenga.

Analysts have been playing a guessing game, trying to figure out what Huizenga might demand from Redstone in return for an additional cash infusion of $600 million or so.

Friday’s deadline set by Paramount for new bids will determine whether the contest ends after nearly four months of bitter fighting.

It should determine whether QVC, the home shopping network run by former Paramount executive Barry Diller, walks off with the prize, or whether a new round of bidding begins.

Both QVC and Viacom have made bids for the entertainment giant. QVC topped Viacom in a December auction held by Paramount, but Paramount retained the right to negotiate further with bidders.

Viacom had been Paramount’s favored suitor in the four-month takeover battle. But rival QVC took the matter to court, where Paramount’s anti-takeover mechanisms were annulled, and forced the auction to be held last month.

By delaying any bid increase until the last minute, Viacom may be seeking to drive QVC’s stock down on expectations that QVC would be financially burdened by winning Paramount and thus demonstrate tendering to QVC may be risky, some arbitragers said.

However, one said, “It would be a brilliant tactical maneuver, but I wouldn’t give him (Redstone) that much credit.”

He said Viacom appeared to simply be having trouble putting a deal together for additional financial backing.

Several arbitragers holding Paramount shares said they had not been contacted regarding any request to refrain from tendering to QVC and said they would refuse any such request.

“People will tender to QVC,” said one. “I’ll tender to QVC. Because we’re not going to wait.”