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http://www.businessweek.com/investor/content/jun2005/pi20050624_9169_pi010.htm

Viacom (VIA.B ): Reiterates 3 STARS (hold)
Analyst: Tuna Amobi, CPA, CFA

We are cutting our target price by $4 to $36, based on sum-of-the-parts analysis using revised cash flow multiples and pending split into two companies. We estimate higher-growth, surviving Viacom, mainly including MTV Networks and Paramount Pictures, is worth about $23 per share. We see lower-growth CBS Corp., including CBS and UPN nets, TV stations, plus radio and outdoor units, at $13. We made pro-rata corporate allocation, including net debt, incremental overheads, and pension/OPEB deficit. We also factored in a 15% to 20% public discount, and the possible loss of some CBS/MTV market power.
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