Viacom Inc. detailed its plans to split into two public companies in a Securities and Exchange Commission filing Wednesday.
Shareholders will get one-half share of the new Viacom and one-half share of CBS Corp. for each Viacom share they currently hold when the split officially occurs, but the company did not specify the date, AP reported.
The new Viacom, to be led by Tom Freston, will be comprised of MTV Networks (including MTV: Music Television, VH1, Nickelodeon, Nick at Nite, Comedy Central, Country Music Television, Spike TV, TV Land and many other networks around the world), Black Entertainment Television, Paramount Pictures, Paramount Home Entertainment and Famous Music.
CBS, to be led by Leslie Moonves, will combine the CBS and UPN broadcast networks; Viacom Television Stations Group; Infinity Broadcasting Corp.; Viacom Outdoor; the CBS, Paramount and King World Productions television-production operations; Showtime Networks Inc.; Simon & Schuster Inc.; and Paramount Parks.
After the split, Viacom shares will trade on the New York Stock Exchange under the symbols “VIA” and “VIA.B,” and CBS shares will trade under “CBS.A” and “CBS,” according to AP.
Viacom also announced two promotions that will take effect along with the split.
Jacques Tortoroli has been named senior vice president, corporate controller and chief accounting officer of the new Viacom. Tortoroli had been executive VP and chief financial officer of Infinity Broadcasting.
And Susan C. Gordon was elevated to senior VP, corporate controller and chief accounting officer of CBS. She had been senior VP, controller and chief accounting officer at the current Viacom.
