Viacom, which is planning to split into two companies next year, named Shari Redstone as nonexecutive vice chairwoman of both units and said investors would receive half a share in each new business
for every Viacom share. The boards of the new Viacom and the CBS Corporation will share three other common directors, including Ms. Redstone's father, Sumner M. Redstone, the chairman, Viacom said in
a regulatory filing. Mr. Redstone is splitting Viacom to revive its shares, down 10 percent this year after falling 18 percent in 2004. The new CBS will contain broadcast television and Infinity radio
and carry about $7 billion in debt and most of Viacom's pension obligations. The new Viacom will have more than $3 billion in debt.
Read the whole story at Bloomberg News, via The New York Times, October 6, 2005 »