VIAB (Viacom Class B shares) formerly CBS Message Board

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

VIA 34.26

-6.1%

Nov 26 3:59 PM EST

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To: John M Connolly who wrote (2890)	11/12/1998 8:40:00 PM
From: MGV	Read Replies (1) of 4613

Something is awfully wrong somewhere. Mel Karmazin's sentiments likely were roughly similar John. You have illustrated one of the key drivers of this IPO: Shareholder value. Another is acquisition currency via INF shares. Farther down the list is raise cash. If the IPO were yesterday it is possible that the initial $22 would have been bid up to $25 or more. Within 6 months (given a benign market environment), INF will be priced substantially higher than the IPO price. AS you noted, at $22, taking away the proceeds of the IPO, the market is valuing the affiliates, TNN & other cable biz, the internet, etc. at less than $1B.

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