Viacom to Switch to NASDAQ

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Viacom said Friday that it will leave the New York Stock Exchange for the NASDAQ on Dec. 1, mainly as a cost-cutting move.
The switch will be relatively transparent to investors and shareholders. Viacom said its Class A common stock will continue to trade under the symbol "VIA" and its Class B shares will continue to trade under the symbol "VIA.B."
In a statement the company said the voluntary transfer to the NASDAQ Global Select Market "will be more cost effective, while continuing to provide Viacom shareholders with strong execution and liquidity."
Fees seem to be the biggest reason for the switch. According to the NYSE web site, annual listing fees for stocks on the exchange can be as high as $500,000. Based on the NYSE annual rate of $0.00093 per share and Viacom's 523.2 million outstanding Class A and Class B shares, the media giant would have to pay about $486,000 a year to be listed on the NYSE. On NASDAQ, after a one-time entry fee of $225,000, the annual cost to list on the exchange would be about $99,500 for a company of Viacom's size.