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Technology Stocks : Viacom, Class B( VIAB ) - The New Viacom -- Ignore unavailable to you. Want to Upgrade?

To: MGV who wrote (29)	5/15/2000 5:16:00 PM
From: MGV	Read Replies (1) \| Respond to of 56

-- [B] CBS CEO says co. to look into acquisitions in major mkt radio -- --CBS CEO: Co. to look into acquisitions in outdoor business --CBS CEO: To look into acquisitions in major mkt TV stations --CBS CEO says co. to make acquisitions with free cash flow --CBS CEO says co. to buy back stock By Priscilla Fusco, BridgeNews New York--May 15--CBS Corp. President and CEO Mel Karmazin said the media company, following its just completed merger with Viacom Inc., intends to use its cash flow to pursue acquisitions in several areas as well buy back shares to boost shareholder value. Karmazin spoke at the Banc of America Securities "Growth Telecommunications, Media & Entertainment Conference." * * * He said CBS is looking into acquisitions for its radio business, outdoor operations and increasing its share of television stations within the top 20 major markets. The company intends to focus on major markets, as opposed to looking into smaller niche areas. "Major market is where the growth is," said Karmazin. "Leverage is something we don't have to worry about," he said, when discussing the company's acquisition strategy, adding that CBS only intends to make acquisitions that will add to earnings. In addition to acquisitions, the cash flow will also be used to buy back stock. New York-based Viacom is the second-largest entertainment firm behind Time Warner Inc., which is scheduled to be acquired by America Online Inc. later this year. Viacom's holdings include th e Paramount Pictures movie studio, the television networks CBS and UPN, cable TV unit MTV Networks -- with properties such as MTV, VH-1 and Nickelodeon --, as well as a 50% stake in Comedy Central, TV stations, movie theaters and book publisher Simon & Schuster. The company also owns 82% of Blockbuster, the largest video rental chain.End [symbols:US;CBS] [symbols:US;CBS:US;VIA]