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Companies team for technologies
NEW YORK, May 27 (UPI) -- The head of Viacom Inc. says a decision on whether to divide the U.S. entertainment giant will be made by the end of next month.
Chairman Sumner M. Redstone, who controls 71 percent of Viacom's voting shares, affirmed his interest in the move at the company's annual meeting, the New York Times reported Friday.
Under a widely reported proposal, MTV Networks and the Paramount movie studio would comprise one division; CBS, Infinity Broadcasting, Paramount Television and the book publisher Simon & Schuster would comprise the other division.
News of Redstone's disposition to split Viacom heartened investors.
"This would surface some of the value in the cable networks," said Chris Marangi, an analyst at Gabelli & Company, whose affiliate Gamco, owns 8.9 million shares of Viacom.
A decision is expected by the end of June, Redstone said.
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