A Blockbuster Split-Off for Viacom

Viacom Inc. said Wednesday that its exchange offer for the split-off of Blockbuster Inc. was oversubscribed.

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) Tuesday.

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 -- approximately 9.5% -- on a pro-rata basis in proportion to the number of shares tendered.

The company expects to announce the final results of the exchange offer, including the final proration factor, on or before Wednesday, Oct. 13.