It was the sultry first Friday of summer, and office workers in Manhattan were streaming out of the city to start their weekend. Not so at the headquarters of Paramount Communications, formerly Gulf & Western, where the company's 14-member board of directors was making a high-stakes decision. Just 30 minutes after trading closed on the New York Stock Exchange, Paramount announced that it was increasing its hostile bid for Time Inc. from $175 a share to $200, thus raising its total offer from $10.7 billion to more than $12 billion.
The move was calculated to turn up the heat on Time,...
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