or


[06/15/05 - 12:00 AM]
Viacom Board of Directors Approves Creation of Two Publicly Traded Companies Following Spin-Off

[via press release from Viacom]

Viacom Board Of Directors Approves Creation Of Two Publicly Traded Companies Following Spin-Off

Tax-Free Spin-Off to Maximize Long-Term Potential of Businesses and Highlight Value of Leading Entertainment Brands

NEW YORK, June 14, 2005 -- Sumner M. Redstone, Chairman and Chief Executive Officer of Viacom Inc. (NYSE: VIA and VIA.B), announced today that the Company�s Board of Directors has unanimously approved the creation of two separate publicly traded companies from the Company�s leading entertainment brands through a spin-off to Viacom stockholders.

The transaction will result in stockholders holding shares in both companies, and is expected to be tax-free to shareholders. Following the spin-off, which is expected to be completed in the first quarter of 2006, Sumner Redstone will serve as Chairman and will be the controlling shareholder of the companies, which will both be headquartered in New York.

Viacom also announced that the Board of Directors has named Shari Redstone to the newly created position of Non-Executive Vice Chairman of the Board. Ms. Redstone, President of National Amusements Inc., has been a member of the Viacom Board since 1994. Additionally, in line with its ongoing corporate governance initiatives, the Company announced that Frederic V. Salerno, a member of the Viacom Board since 1994 and former Vice Chairman and Chief Financial Officer of Verizon Communications Inc., has been appointed to the newly created position of Lead Independent Director. The appointment reflects Mr. Salerno�s role as Chair of the Board�s Nominating and Governance Committee.

Mr. Redstone said, �Today we celebrate our past successes by stepping forward to embrace the future. This transaction is the logical extension of the strategic vision that created Viacom and recognizes the inherent diversity of our assets as well as the changing business environment. We believe that this transaction will enable Viacom shareholders to fully benefit from the important gains we realized in building this Company by fully unlocking our significant untapped potential and creating new opportunities to build on our leadership positions, maximize earnings growth and fully exploit our considerable strengths.�

�I want to commend the Viacom Board of Directors and the Viacom management team for the careful and thorough strategic analysis that led to this important decision,� Mr. Redstone added. �The decision to create two new companies was the result of intense study by the Board, which worked closely with the Company�s management and carefully analyzed all strategic options before reaching its conclusion. The Board believes the transaction will result in two strong, focused and nimble companies, and will better enable management to directly impact and maximize the strengths of their respective businesses. Additionally, the Board believes that the transaction will provide current and potential stockholders with attractive investment options that are more closely aligned with their various investment objectives.�

Mr. Redstone added that the Board has formed a Special Committee, which he will chair, that will assist and monitor the process of creating the two companies. Also serving on the Committee will be Viacom Board members Shari Redstone, Frederic Salerno and Philippe Dauman. Ms. Redstone will serve as Vice Chairman of the Committee.

The new company created through the tax-free spin-off will retain the Viacom Inc. name and will be led by Mr. Freston. The new Viacom will be comprised of MTV Networks (including MTV, VH1, Nickelodeon, Nick at Nite, Comedy Central, CMT: Country Music Television, Spike TV, TV Land and many other networks around the world), BET, Paramount Pictures, Paramount Home Entertainment and Famous Music. The other company, to be called CBS Corporation, will be led by Mr. Moonves and will combine the CBS and UPN broadcast networks, Viacom Television Stations Group, Infinity Broadcasting, Viacom Outdoor, the CBS, Paramount and King World television production and syndication operations, as well as Showtime, Simon & Schuster and Paramount Parks. Additional announcements regarding specific details on the two new companies, including financial structures, management teams and a more detailed timetable for the process, will be made over the next several weeks.

�The new Viacom and CBS will have highly complementary business portfolios, leadership positions in their industries and superior management teams that have direct incentives to create greater shareholder value. In addition, each company will have distinct capital structures designed to generate higher returns. Under the leadership of Tom Freston and Leslie Moonves, shareholders of each company will benefit from more focused long-term and individualized approaches that will amplify the significant strengths of the respective businesses.

�The new Viacom will focus on organic expansion through the creation of cutting-edge content, unrivaled brands, specialized and highly desirable demographics and the continuing expansion of delivery platforms,� Mr. Redstone added. �We anticipate that this company�s stock will attract a higher trading multiple that can in turn be used for targeted acquisitions in promising areas. With the increased importance of wireless, online and video gaming businesses, the ability of the new Viacom to be opportunistic will be a distinct and powerful advantage. Additionally, we believe that the new Viacom�s significant cash flow generation will provide the opportunity for significant share repurchases.�

�The new CBS will be a strong generator of free cash flow with industry-leading positions across television and radio broadcasting, television production and out-of-home advertising. With industry leading positions in content creation and delivery, CBS will be extraordinarily well-positioned to maximize existing opportunities and execute on new areas designed to create value. Importantly, this company will also have the financial capability to return significant capital to stockholders through dividend payments and stock repurchases.�

Viacom is a leading global media company, with preeminent positions in broadcast and cable television, radio, outdoor advertising, and online. With programming that appeals to audiences in every demographic category across virtually all media, the company is a leader in the creation, promotion, and distribution of entertainment, news, sports, music, and comedy. Viacom�s well-known brands include CBS, MTV, Nickelodeon, Nick at Nite, VH1, BET, Paramount Pictures, Infinity Broadcasting, Viacom Outdoor, UPN, TV Land, Comedy Central, CMT: Country Music Television, King World, Spike TV, Showtime, Paramount Parks, and Simon & Schuster. More information about Viacom and its businesses is available at www.viacom.com.

Information About the Transaction

In connection with the proposed transaction, Viacom intends to file a Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission. Investors and securityholders are urged to read the Registration Statement and related materials that are filed with the SEC when they become available, because they will contain important information about the proposed transaction. Investors and securityholders will be able to obtain copies of these documents, and other documents containing information about Viacom, without charge, at the SEC's website at www.sec.gov.

Cautionary Statement Concerning Forward-looking Statements

This news release contains both historical and forward-looking statements. All statements, other than statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. These forward-looking statements are not based on historical facts, but rather reflect the Company�s current expectations concerning future results and events. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause the actual results, performance or achievements of the Company to be different from any future results, performance and achievements expressed or implied by these statements. The forward-looking statements included in this document are made only as of the date of this document, and, under section 27A of the Securities Act and section 21E of the Exchange Act, we do not have any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.





  [june 2005]  
S
M
T
W
T
F
S
   


· SHOWATCH
(series past and present)
· DEVWATCH
(series in development)
· MOVIEWATCH
(tv movies and mini-series)





[06/02/26 - 01:17 PM]
FX's "The Drop: A Snowfall Saga" Set as New Title for Spinoff Series Coming Later This Year on FX and Hulu
Set in '90s Los Angeles, the new series follows "Snowfall" characters Wanda (Gail Bean) and Leon (Isaiah John) as they fight to take West Coast rap mainstream while gang wars erupt and record labels move to exploit hip hop culture for their own gain.

[06/02/26 - 12:01 PM]
Netflix Top 10: Week of May 25 - "The Boroughs" Makes Itself at Home at No. 1 in This Week's Top 10
Plus: "Nemesis" stole away with the No. 2 spot on the list, commanding 5.9 million views.

[06/02/26 - 12:00 PM]
FOX Announces Additional Summer 2026 Premiere Dates
Highlights include the return of "Kitchen Nightmares" on Tuesday, July 21 and "Beat Shazam" on Tuesday, July 28.

[06/02/26 - 10:01 AM]
Video: BET Debuts Trailer and Announces Premiere Date for New Original Comedy Series, "Lot Patrol" from Manny Halley Productions
The series will premiere on BET on June 30, 2026 at 10 pm ET / 9 pm CT.

[06/02/26 - 09:29 AM]
Catch a New Season of "Lakefront Bargain Hunt Renovation" Premiering June 16 on Magnolia Network
With a bit of imagination and a lot of muscle, families transform their new vacation homes into the relaxing getaways they had always envisioned.

[06/02/26 - 09:21 AM]
BET Announces First-Ever Board of Advisors, Marking a New Era of Leadership and Cultural Stewardship
Established under the leadership of Louis Carr, President of BET, the Board brings together an influential collective of cultural icons, business leaders, and industry visionaries who will help guide BET's continued evolution as a force at the intersection of media, community, and culture.

[06/02/26 - 09:01 AM]
Video: "America's Sweethearts: Dallas Cowboys Cheerleaders" - Season 3 Official Trailer - Netflix
A new batch of hopefuls face fierce competition, high expectations and even higher kicks as they vie for a spot with the Dallas Cowboys Cheerleaders.

[06/02/26 - 08:30 AM]
Video: The Reign Ends Here - "All the Queen's Men" Reveals Trailer and First Look at Fifth and Final Season Premiering June 10 Only on Paramount+
The series will launch with two episodes, followed by a weekly rollout culminating in the mid-season finale on Wednesday, July 22.

[06/02/26 - 08:01 AM]
"Kaulitz & Kaulitz" Season 3 - Exclusively on Netflix from July 23, 2026
Germany's most popular twins once again take us along for the ride in their turbulent lives, sharing intimate moments, arguments, and scenes that go straight to the heart.

[06/02/26 - 08:01 AM]
Video: "Tony Hinchcliffe: Man of the People" - Sneak Peek - Netflix
Tony Hinchcliffe returns with another brutally unapologetic hour from comedy's favorite equal-opportunity offender.

[06/02/26 - 07:01 AM]
"The Marlow Murder Club" Is Back in Action Filming Season 4
Season 3 premieres this fall on PBS.

[06/02/26 - 07:01 AM]
Video: Apple TV Unveils Trailer for Third Season of Its Globally Acclaimed Drama "Silo"
The 10-episode third season will premiere on Apple TV with the first episode on July 3, followed by one new episode every Friday through September 4, 2026.

[06/01/26 - 05:01 PM]
Video: "Husbands in Action" - Official Trailer - Netflix
A detective teams up with his ex-wife's new husband to chase down her kidnappers. Can this unlikely duo put aside their differences for one wild rescue?

[06/01/26 - 02:03 PM]
Exclusive Announcement Live From Crime Con 2026: Season 4 of the Hit Docuseries "Betrayal" to Stream on Hulu This August
In a room of thousands of fans of true crime and scandals, the team made a surprise exclusive announcement that Season 4 of the popular docuseries will stream on Hulu and Hulu on Disney+ for Bundle subscribers this August.

[06/01/26 - 02:02 PM]
"Squatters: Get the F*** Out of My House," A New Docuseries from Executive Producers Kelly Ripa and Mark Consuelos, Begins Streaming June 4 on Hulu
The six-part series follows ordinary people blindsided by manipulators who know exactly how to weaponize tenant protections and turn the legal system against the very people it's supposed to protect.