The Deal That Forced Diller to Fold

That blunt, five-word concession statement rang down the curtain last week on one of the hardest-fought and longest-running takeover sagas in American corporate history. It came after Viacom Inc., best known for its ownership of MTV, won an overwhelming victory in the epic five-month battle for control of Paramount Communications, garnering more than 90% of Paramount shares soon after the polls closed in the proxy contest. In doing so, Viacom takes home some of the crown jewels of entertainment, including the Paramount film and television studios and a library of 890 movies ranging from Wayne's World and The Firm to Sunset...