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Technology Stocks : VIAB (Viacom Class B shares) formerly CBS -- Ignore unavailable to you. Want to Upgrade?

To: Jay Judell who wrote (2887)	11/12/1998 1:25:00 PM
From: Patrice Gigahurtz	Read Replies (1) \| Respond to of 4613

Jay: I just can't get excited about this IPO thing as I don't understand how selling up to 20% of something that brings in dollars can be a positive. What effect, if any ?, could selling up to 20% have on CBS' bottom line ? Heck they were just net even (3rd qtr) as it was before the IPO. What am I missing ? Thanks

To: Jay Judell who wrote (2887)	11/12/1998 5:17:00 PM
From: John M Connolly	Read Replies (2) \| Respond to of 4613

JAY : Follow my line of thought here. INF will sell 135 million shares at - let's say 22. This equals 16 % of the INF shares 84 % will be held by CBS. therefore the market cap of INF is about $18.5B of which CBS owns 84% - or very roughly $16B. Today the market cap of the total corp is $19B + . Therefore the market is saying that the TV network , stations ,cable , internet, balance of the industrial sale and the $2.5B CASH --INF will pay CBS for the promisory note -------- is worth $3B !!!!!!! Something is awfully wrong somewhere. Anyone like correct my figures? or put forward an other opinion? This just does not make sense to me. John Patrice - A few notes ago I explained what EBITDA was - did you read the note?