"New Viacom" Announces Stock Buyback

The "new VIACOM" spinoff company from the "old VIACOM" will buy back up to $3 billion of its stock after the split from CBS CORP. becomes effective on DECEMBER 31. The company's board has approved the buyback program for class A and class B common stock; the company, which will control MTV NETWORKS and PARAMOUNT PICTURES after the split, also announced the purchase of DREAMWORKS SKG for $1.6 billion in cash and debt, and will sell off the studio's movie library, expected to bring the new VIACOM $850 million to $1 billion.

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