Business Services Industry
Blockbuster celebrates split from Viacom.
Knight Ridder/Tribune Business News, October, 2004
By Maria Halkias, The Dallas Morning News Knight Ridder/Tribune Business News
Oct. 7--Blockbuster Inc.'s split-off from Viacom Inc. sailed through Wall Street after a successful exchange offer that the Dallas-based movie rental chain called a vote of confidence in the company.
More than 10 times the anticipated Viacom shares were offered in exchange for stock in Blockbuster. Viacom said it can accept only 9.5 percent of the 294.9 million tendered shares in the transaction, which ends 10 years of majority ownership by the media conglomerate.
"It's gratifying and we're extremely pleased. Now it's a matter of executing our plan and delivering good results," Blockbuster chairman and chief executive John Antioco said Wednesday. "This...
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