Word: stock
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Dates: during 1990-1999
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...radio ads." CBS has also developed a significant Internet presence. That kind of concentration will give Viacom pricing power too. Dixon, like most analysts, forecasts 18% to 20% increases in cash flow to $5 billion in 1999, and combined revenues above $20 billion. Both CBS's and Viacom's stock rose on the news, finishing the week at $51.81 and $47.19 respectively. "It's just perfect," says Merrill Lynch analyst Jessica Reif Cohen. "It gives them all the key assets they need...
...Redstone. "But it's much more than that." Redstone saw a good fit. CBS was strong domestically; Viacom was growing fast internationally. And shareholders had long expressed concerns that Redstone, who remains in fine fettle, had no clear successor. Karmazin, a darling on Wall Street for driving up the stock price of CBS, and of Infinity Broadcasting before that, would neatly resolve that issue...
Redstone has always taken big risks. The Paramount bidding went $2 billion higher than his target, but he spent the money anyway. He now says he'd never burden Viacom like that again and notes that the CBS deal, a stock swap, was done without paying a premium or adding debt...
...million viewing households; its web site, www.weather.com, scored a record 23 million visits. The damage peaked when Floyd hit North Carolina early Thursday morning and then took off up the coast. By the time it hit New York that afternoon, Mayor Rudy Giuliani was trying to close the stock exchange (the traders wouldn?t go) and sent the Big Apple home early. The news outlets thundered, residents gossiped excitedly, and Floyd? Mostly, Floyd just rained. In the morning, that was on every newsstand in town. It was a beautiful sunny...
Over the course of two decades, Vernon had a remarkable career in public service. Working for the Securities and Exchange Commission, he conducted the first serious study of the behavior of floor traders and specialists on the New York Stock Exchange...