Under the revised merger agreement with Viacom, Paramount could waive the anti-takeover provisions to accept a Viacom offer.

So, too, is the actual structure of a bid, though that would likely include a significantly larger cash component than the $1 billion in the Viacom offer.

By the close of trading yesterday, Viacom's class B stock had fallen $1.375, to $45.50, lowering the overall value of the Viacom offer to $80.20 a share.

That guarantee is apparently what persuaded Paramount's board to back the latest Viacom offer.

"And the Viacom offer," this arbitrager added, "is the same thing, because their stock is trading at a huge multiple."

Mario Gabelli, whose investment funds have a large stake in Paramount, said he expected that Mr. Redstone would raise the Viacom offer.

The board noted that although the Viacom offer included more cash for each share, the total value of the cash and stock in QVC's bid was higher.

For now, the QVC deal has a blended value of about $83 a share in cash and stock, and the Viacom offer is worth $78 a share.

The headline that hit the tape late Friday afternoon talked of a Viacom offer of $105 a share in cash for control of Paramount.

Just how much worse is the Viacom offer?