Viacom completed its purchase of Infinity Broadcasting Wednesday, the company said.
Under the tax-free transaction Infinity shareholders receive 0.592 share of Viacom class B common stock for each share of Infinity Class A common stock. The total cost to Viacom, based on its closing stock price Wednesday, is approximately $12 billion. Viacom already owned almost two-thirds of Infinity, the nation's second-largest radio/outdoor advertising company (behind Clear Channel Communications) last August, when it announced it would acquire the remaining 37% owned by the public.
- Steve McClellan