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Paramount Communications Inc. was acquired by Viacom in 1994 following the purchase of 50. 1 percent of Paramount's shares for $ 9. 75 billion.

At the time, Paramount's holdings included Paramount Pictures, Madison Square Garden, the New York Rangers, the New York Knicks, and the Simon & Schuster publishing house.

Davis was named a member of the board of National Amusements, which controlled Viacom, but ceased to manage the company.