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Viacom completes restructuring

Viacom has completed separating itself into two publicly traded entities: CBS and the new Viacom. The transaction to separate was announced in June 2005.

CBS is composed of CBS Television Network, UPN, CBS Radio, Viacom Outdoor, Viacom Television Stations Group, Paramount Television, King World, Simon & Schuster, Showtime and Paramount Parks.

CBS will also include the operations of CSTV: Networks, a sports television network and digital media company devoted to college athletics, an acquisition expected to close early this month.

MTV Networks (MTV, VH1, Nickelodeon, Nick at Nite, Comedy Central, CMT: Country Music Television, Spike TV, and TV Land), BET, Paramount Pictures, Paramount Home Entertainment and Famous Music comprise Viacom.

Viacom also has entered into an agreement to acquire DreamWorks SKG. The Dreamworks acquisition is expected to be completed in the first quarter of 2006.

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