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BULLETIN: Viacom Closing of Infinity Merger Delayed Jan 01
Standard & Poors, Jan 2001
Abstract
Corporate Credit Rating: BBB+/Stable/A-2 Viacom Inc.'s announcement today that 64%-owned Infinity Broadcasting Corp. plans to seek shareholder approval of its merger with Viacom, at a stockholder meeting in February, does not affect the company's credit profile or outlook. Infinity aims to obtain the votes for two-thirds of the minority-held shares. The step is a proactive move to allay any uncertainty that could otherwise have hung over the merger process Viacom has followed. Standard & Poor's ratings for Viacom are based on a consolidated analysis of the company, and incorporate Viacom's 90% control of the voting power of Infinity stock as well as strong strategic links. Viacom expects the merger to close shortly after the shareholder meeting....
Companies mentioned in this report are: CBS Corp.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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