After more twists than a miniseries, a winner has emerged in the five month, $10 billion battle for Paramount Communications. Last week, businessman Sumner Redstone and Viacom Inc. captured nearly 75 percent of Paramount shares,and rival bidder Barry Dillerof QVC Network conceded: "They won. We lost. Next." 

        But it's not altogether clear who the long-term winner will be. Experts say Viacom paid too much for Paramount, especially since the studio announced expected losses of $35 million to $40 million for the quarter ended January 31. Redstone's own stake in Viacom, worth $6.6 billion before the bidding war, has plummeted to $2.85 billion. To win, Viacom agreed to acquire Blockbuster Entertainment in an $8.4 billion deal, and combining the various pieces of the merged companies is expected to be an awesome task, especially with Viacom's stock plunge angering Blockbuster shareholders. Adding to the problems: speculation about which assets Paramount may sell to raise cash. 

        Meanwhile, Diller has enhanced his reputation as a tough negotiator, as rumors swirl about his next target -- perhaps Time Warner or NBC. Wall Street advisers were also big winners; Smith Barney Shearson Inc. reaped $25 million plus from Viacom, and Lazard Freres & Co. made about $12.5 million from Paramount. 

        AN ENTERTAINMENT EMPIRE  Among the holdings of the new Viacom/Paramount/Blockbuster colossus are: 

        BROADCASTING: 12 TV stations, 14 radio stations 

        CABLE: MTV, Nickelodeon, Showtime, the Movie Channel and 1.1 million cable subscribers 

        FILM AND TV: Current shows including "Frasier," "Wings," "The Arsenio Hall Show"; reruns including "Cheers," "I Love Lucy," "The Cosby Show" and 3,790 films; ongoing productions at Paramount 

        ENTERTAINMENT OUTLETS: 1,927 movie screens, 3,500 home video stores, 507 music stores 

        SPORTS: New York Knicks basketball, New York Rangers hockey 

        PUBLISHING: Simon & Schuster, Prentice Hall, Pocket Books 

        ENTERTAINMENT COMPLEXES: Five theme parks, Madison Square Garden