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Viacom Completes Acquisition of Radio's Infinity

February 22, 2001|From Reuters

Viacom Inc., whose properties include CBS Television, Paramount Pictures and MTV, said it completed its acquisition of the remaining 35.7% stake in radio station owner Infinity Broadcasting Corp. after approval by Infinity's shareholders.

The $12.5-billion stock deal was slated to close in January but Infinity decided to hold a shareholder vote.

Infinity shareholders will get 0.592 Viacom Class B common share for each Infinity Class A common share. Viacom already owned all of Infinity's Class B common stock, which represents about 64.3% of all outstanding Infinity shares.

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