Simplify the following text for a Grade 11 native English-speaking person.
Original: In 1993 , entertainment conglomerate Viacom made a bought Paramount .
Simplified: In 1993 , Sumner Redstone 's entertainment conglomerate Viacom made a bid for Paramount ; this quickly escalated into a bidding war with Barry Diller and QVC . But Viacom prevailed , ultimately paying $ 10 billion for the Paramount holdings .