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Redstone won't tune out UPN
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April 8, 1999: 12:41 p.m. ET
Viacom chairman promises improved programming, booming Blockbuster IPO
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NEW YORK (CNNfn) Sumner M. Redstone may have literally gotten slimed on the New York Stock Exchange floor Thursday morning, but Viacom's chairman and CEO has no intention of letting the struggling UPN television network mess up his company's plans for future growth.
Redstone told CNNfn's "In the Game" Thursday that Viacom has no plans to change the ownership structure at UPN, particularly with the Spelling Entertainment Group now playing a larger role in programming.
"We had very little say about the programming at UPN until relatively recently," Redstone said. "The fact of the matter is, if you took the programs that we have on NBC and put them on UPN, UPN would be NBC. The point I'm making is, it's clear that Paramount television and Spelling have the power to properly program UPN, and we will."
NYSE Chairman Richard Grasso, Redstone and TV star Kelsey Grammer celebrate Viacom's slimy first day on the NYSE
Redstone also declined to shed further light on the possible spin-off of another large Viacom subsidiary, Blockbuster Video.
The planned sale of 10 to 20 percent of Blockbuster's stock "remains pretty much on schedule" for later this year, Redstone said, but he discounted fears investors might be wary of the long-term viability of the home movie business.
"I don't think investors are going to have to be convinced," he said. "As for this so-called technology hazard, we haven't seen anything about it. The fact is, Blockbuster is a category killer in the retail business and category killers do fantastic in IPOs.
As for when he might retire, the 75-year-old chairman said the end of his tenure isn't near, but he promised that when he does leave, the company will promote from within to fill his post.
Viacom (VIA) moved from the American Stock Exchange to the New York Stock Exchange Thursday morning. Redstone joined NYSE Chairman Richard A. Grasso and Kelsey Grammer, star of the Paramount Television series "Frasier" to ring the opening bell, after which they were properly "slimed" by the green goop made famous by Viacom's Nickelodeon network.
The company's shares were up 1-1/8 at 45-3/8 in late morning trading. 
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