NEW YORK, Dec. 12 (UPI) -- New York's Viacom Inc. plans to spend as much as $3 billion buying back its common stock, the company said Monday.
The buyback will begin once Viacom splits into two companies, New Viacom and CBS Corp., a move set for Dec. 31, 2005.
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New Viacom, which will own MTV Networks, BET, Paramount Pictures, Paramount Home Entertainment and Famous Music, will pay for the share buyback using working capital, future cash flows and committed borrowing capacity.
CBS will own the CBS Television Network, UPN, Infinity Broadcasting, Viacom Outdoor, Viacom Television Stations Group, Paramount Television, King World, Simon & Schuster, Showtime and Paramount Parks.