Viacom: Blockbuster Split-Off Final

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Viacom Inc. Wednesday announced the final results of its successful exchange offer for its split-off of Blockbuster Inc.

The offer to Viacom stockholders for the exchange, on a tax-free basis, of some or all of their Viacom shares for shares of Blockbuster common stock held by Viacom expired at midnight (EST) Oct. 5.

Under the terms of the offer, Viacom accepted 27,961,165 shares of Viacom common stock in exchange for the 72 million shares of Blockbuster class-A common stock and 72 million shares of Blockbuster class-B common stock Viacom owned.

Each share of Viacom class-A or class-B common stock accepted for exchange by Viacom will be exchanged for 5.15 shares of Blockbuster common stock, consisting of 2.575 shares of Blockbuster class-A common stock and 2.575 shares of Blockbuster class-B common stock.

Because the exchange offer was oversubscribed, Viacom will accept only a portion of the number of shares of each class of Viacom common stock that were tendered -- 9.426777% -- on a pro-rata basis in proportion to the number of shares tendered

Shares of Blockbuster common stock are expected to be credited to accounts of tendering stockholders by EquiServe, Blockbuster's transfer agent, on or before Oct. 20.

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