Viacom: The Split Is Now Official
Viacom on Sunday announced that it has completed the spinoff of its broadcasting units, which include CBS-TV, UPN, CBS Radio, CBS.com, CBS Outdoor, the Viacom and Paramount-owned TV stations, syndicator King World, publisher Simon & Schuster, pay-TV channel Showtime and theme-park operator Paramount Parks. The new company is called CBS, Inc. and is led by CEO Les Moonves. Viacom Inc., headed by CEO Tom Freston, will now preside over Paramount studios (recently augmented by DreamWorks), the MTV Networks (MTV, Nickelodeon, Nick at Night, Comedy Central, and CMT). Sumner Redstone will remain as chairman of both companies. They will begin trading separately on the NYSE on Tuesday, when the market reopens following the holiday weekend. Investors have been given one CBS share and one Viacom share for every two shares they had previously owned of Viacom.