Infinity Deal Delayed
Viacom last Friday delayed closing its $12.9 billion merger with radio group/outdoor advertiser Infinity Broadcasting. Infinity's shareholders-other than Viacom, which already owns 64.3% of Infinity-need to vote on the deal first, the companies said, basing their decision on an unrelated Delaware ruling. In that ruling the judge endorsed the rights of minority shareholders. The deal still is expected in the first quarter.