Viacom Sets $3B Buyback

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Viacom Inc. approved a stock-purchase program under which the company will be authorized to acquire from time to time up to $3 billion of its class-A and class-B common stock following its separation into two publicly traded companies, which is expected to be completed by year-end.

The new Viacom will include the company’s cable assets (MTV Networks and Black Entertainment Television), Paramount Pictures, Paramount Home Entertainment and Famous Music.

CBS Corp. will include the CBS broadcast network, the UPN broadcast network, Infinity Broadcasting Corp., Viacom Outdoor, Viacom Television Stations Group, Paramount Television, King World Productions, Simon & Schuster Inc., Showtime Networks Inc. and ParamountParks.

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