Posted: Thurs., Dec. 3, 1998

RSS
Email Author
Print Article
Email Article
Digg
Discussions

Viacom redeems $600 mil in stox

Coin to cut debt

NEW YORK -- Viacom Inc. redeemed $600 million in preferred stock held by Bell Atlantic Corp. on Wednesday in the entertainment conglom's latest move to reduce debt with cash received from the sale of its publishing assets.

Bell Atlantic held a total of $1.2 billion of preferred stock in Viacom, resulting from an investment made by then-named Nynex Corp. in Viacom to help finance the acquisition of Paramount Communications in 1994. Nynex and Bell Atlantic subsequently merged.

Viacom said Wednesday the preferred stock that was redeemed earned a cash dividend of $30 million a year. Viacom chairman Sumner Redstone said the redemption "significantly reduced our after-tax cost of financing." Viacom stock closed down 12¢ to $65.43.

TALKBACK:

Have an opinion about this article? Be the first to comment


Q What are the top 3 things affecting our industry today?
A. Aaron - 1. New Media: The internet has exploded not only affecting sales in the music industry, bu... more >


Submit this form
Tressa, one of the many stars of A&E's 'Intervention,' talks about her lengthy battle with methamphetamine. ; reality show; intervention; A&E; emmy contenders; drug addicts; variety; Interviews with Erick McCormack, Daniel Dae Kim & Christa Miller, stars of A&E's new sci-fi thriller, 'The Andromeda Strain.'; Erick McCormack; A&E; tv; sci-fi; The Andromeda Strain; variety; Daniel Dae Kim & Christa Miller;


© 2008 Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. Use of this website is subject to its Terms & Conditions of Use. View our Privacy Policy.