Viacom Blockbuster Split Up

Viacom will collect a $738 million payment from Blockbuster before sending the video retailer out the door.

The long-awaited spin-off will trigger a $5 per share tax-free dividend to Blockbuster shareholders. That totals $905 million and since Viacom owns 81% of Blockbuster’s stock it will pocket the bulk of that cash ($738 million by the company's estimate).

Viacom Chairman Sumner Redstone says the move allows the company to concentrate on its "content creation engines," of which it has many.