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Viacom moving listing to Nasdaq from NYSE

November 11, 2011|Times wire services

Viacom Inc., the owner of MTV Networks and Paramount studios, said it would transfer its stock listing to Nasdaq from the New York Stock Exchange to save on expenses.

Its Class B shares will trade under ticker symbol VIAB and its Class A voting shares will trade under VIA, the company said Friday. A listing at Nasdaq, owned by Nasdaq OMX Group Inc., will be "more cost effective," Viacom said.

Viacom, based in New York, reported fourth-quarter profit Thursday that exceeded analysts' estimates and added $6 billion for stock buybacks. The company has benefited from a growing advertising market and increased fees from pay TV operators.

The listing transfer will take place Dec. 1, Viacom said.

NYSE Euronext spokesman Richard Adamonis said Viacom was the first NYSE company to move to Nasdaq this year, while 11 have moved in the other direction. Most recently, mining equipment maker Joy Global Inc. announced it was making the move from Nasdaq to the NYSE.

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