"New" Viacom, CBS Begin Trading Before Company Splits
December 5, 2005 at 5:21 PM (PT)
Shares in the new VIACOM and CBS CORP. spinoffs from the "old" VIACOM have begun trading in advance of the actual split of the company. The tracking stocks, trading on a "when-issued" basis on the NEW YORK STOCK EXCHANGE, became available MONDAY and will trade until the split is completed in JANUARY.
In early trading, the new VIACOM shares rose and CBS CORP. shares fell, reflecting WALL STREET's opinion that the new VIACOM, representing the company's cable and motion picture interests, has more growth potential than CBS, which includes the more problematic TV network, radio, and publishing businesses.