VIAB (Viacom Class B shares) formerly CBS Message Board

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Technology Stocks : VIAB (Viacom Class B shares) formerly CBS

VIA 53.43

+0.3%

Oct 31 9:30 AM EST

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To: Larry S. who wrote (4599)	6/1/2004 11:55:29 AM
From: Selectric II	Read Replies (1) of 4613

Karmazin Exit Won't Hurt Viacom Fundamentals 06.01.04, 11:36 AM ET forbes.com Merrill Lynch said the resignation of Mel Karmazin as Viacom (nyse: VIAb - news - people ) president and chief operating officer is "a very significant negative" for the media giant. Viacom named MTV Networks Chief Executive Tom Freston and CBS Chairman and Chief Executive Leslie Moonves as co-presidents and co-chief operating officers of the company. Also Viacom Chairman and Chief Executive Sumner Redstone announced that he will relinquish his role as CEO within three years and work with the company's board in the interim to identify a successor. Karmazin's departure "represents the loss of an extremely talented operating executive," Merrill said, but the research firm said it is "extremely difficult" to remove its "buy" on Viacom shares. Merrill said the company's "very attractive valuation" supported by "very strong operating fundamentals" have not changed due to the announcement. The firm maintains a "buy" rating on Viacom and $53 price objective.

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