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Companies team for technologies
NEW YORK, March 17 (UPI) -- Media giant Viacom, owner of CBS, may break into two public companies to help resolve its succession issue, the New York Times reported Thursday.
The plan also would unravel years of empire building by Chief Executive Officer Sumner M. Redstone, the Times said.
If the breakup occurs, one company, led by Co-President Leslie Moonves will include CBS, its TV stations, outdoor advertising and radio. The other, led by Co-President Tom Freston, will have MTV, Nickelodeon, Showtime and the other cable networks in addition to Paramount Pictures, Paramount TV and Simon & Schuster, the Times said.
The Viacom move is designed to increase the value of the company's stock, which has fallen from September 1999 levels when Viacom merged with CBS.
Each of the new companies will still be controlled by Redstone, who owns 12 percent of the company's equity and 71 percent of its votes, the Times said.
Separately, the Wall Street Journal said big media companies need to trim down to stay fit at a time of rapid technological change.
The Journal said the 81-year-old Redstone would like his shares to take a star turn but there aren't many remaining acquisition targets.
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