Viacom Inc. announced the completion of its $3 billion purchase of BET
Holdings Inc. II Wednesday.
The deal -- which consists of Viacom class-B common stock and assumption of
debt -- was initially announced in November.
Viacom acquires cable networks Black Entertainment Television, BET on Jazz:
The Jazz Channel and BET International, as well as BET Books and BET
Pictures.
BET founder Robert L. Johnson remains chairman and CEO of the unit, reporting
to Viacom president and chief operating officer Mel Karmazin. Debra Lee will
remain in her capacity as BET's president and COO.
BET will also retain its offices in Washington, D.C.; New York; Los Angeles;
Chicago; and the United Kingdom.
