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Viacom's Next Mistake
By Rick Aristotle Munarriz (TMF Edible)
March 18, 2005

Before yesterday's revelation that Viacom (NYSE: VIA) is considering splitting the company in two, it already had divestiture on its mind. Last month it announced that it considered its five Paramount branded amusement parks to be non-core assets and was weighing offers for someone to take them off its hands. It was telling that the former executive who once ran the division quickly teamed up with investment firms to arrange a buyout.

He realizes what Viacom doesn't. The company's North American parks should very well be the core of any entertainment conglomerate. With more than 10 million guests clicking through the parks' turnstiles last year, why would a media giant not relish the captive audience as a way to funnel them to Viacom's broadcasting properties like CBS, MTV, and Nickelodeon? ...
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