CBS (CBS) Reaffirms FY09 Outlook; Shares Down As National Amusements To Sell Portion Of Stake
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CBS Corporation (NYSE: CBS.A) (NYSE: CBS) today re-affirmed its business outlook of full year 2009 OIBDA in the range of $1.725 to $1.925 billion.
Shares of CBS are down 3.7% after National Amusements said it will sell a portion of its CBS and Viacom (NYSE: VIA) stock to pay off creditors.
National Amusements expects to receive gross proceeds of approximately $600 million in the offering of Viacom stock and approximately $345 million in the offering of CBS stock, assuming full exercise of the underwriters' overallotment option. NAI has no intention to further reduce its ownership levels in CBS and Viacom and will retain in excess of 75% of the voting control of each company after giving effect to the offerings.
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