Shareholders of Viacom Inc. will get half a share of the new Viacom and half a share of CBS Corp. for each share they currently hold when the media conglomerate splits into two companies, the company said.
Viacom detailed terms of its plan to split into two public companies in a Securities and Exchange Commission filing but didn't give a date for when it expects to finish the breakup.
Shares rose 81 cents to $31.99.
New York-based Viacom plans to group its cable and entertainment businesses under Viacom and put its traditional broadcasting units under CBS.
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.