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Stocks V / Viacom, Inc.


Subject:  Re: Viacom: To Infinity Date:  8/14/2000  4:01 PM
Author:  Goofyhoofy Number:  75 of 312

In the "for what it's worth department"... From the EM story...

Viacom, whose stock is trading at $67 a share, could use Infinity's projected $2 billion in 2001 cash flow to finance its long anticipated acquisition of Chris-Craft Industries $2.5 billion major market TV station group...

News Company (Fox) made a bid for Chris-Craft's TV stations today, in the neighborhood of $5 billion if I recall the story correctly.

Worth noting that there's bad blood between Viacom and Chris-Craft, who were joint owners of UPN, and which had a mutual "buy-sell" agreement. After 10's of millions of dollars in losses, Chris-Craft was forced to sell its half for something like $5 million, went to court over the deal, lost, end of game.

Meanwhile, they're not likely to sell their TV station group to Viacom unless there is no other bidder around, and apparently there is.
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