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

VIA 25.19

-1.3%

3:59 PM EST

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To: Patrice Gigahurtz who wrote (2415)	8/27/1998 2:17:00 PM
From: Hollywood	Read Replies (1) of 4613

CBS to spin off part of radio and outdoor unit CBS (CBS) said Thursday it will sell up to 20 percent of its radio and outdoor group in an initial public offering. The new company, to be called Infinity Broadcasting, will own and operate the world's largest radio group, with more than 155 radio stations, 80 of which are in the top 20 U.S. markets, the company said in a statement. (See related story.) The radio group has been a consistent winner for CBS, taking advantage of ownership clusters in the nation's top revenue markets. Bruce Rabbe, an analyst at San Francisco-based Collins & Co., said the unit has been "undervalued," so the spinoff will "release some of the hidden shareholder value in the company." The entertainment giant's stock price has sagged to 28 from its mid-July price of 35 following its release of a smaller-than-expected second-quarter profit. Rabbe said the IPO also helps investors understand the difference between the booming CBS radio business and the television network, which is widely seen as its weakest link. "It does help shareholders segregate the two parts of the company," said Rabbe. The move may also quiet some concerns about budget cuts. On consecutive days this week, the New York Post and The Wall Street Journal reported that massive staff reductions and other measures would be taken to cut losses at the TV network. CBS responded by saying it's "always looking for operating efficiencies." biz.yahoo.com*http://cbs.marketwatch.com/archive/19980827/news/current/media.htx?dist=yhoo Hollywood

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