After providing financial backing for QVC Network Inc.'s bid for Paramount Communications Inc., bankers were left to speculate Wednesday whether the deal was enhanced or undermined by the merger plans of Tele-Communications Inc. and Bell Atlantic Corp.

One thing was certain: Wednesday's stunning announcement of the planned $33 billion merger of the "baby Bell" and TCI turned the weeks-long Paramount takeover drama into a sideshow, and in the process, swept the banks off center stage.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.