Viacom offers $15.2bn for the rest of Infinity

Viacom has offered $15.2bn for the remaining minority stake in Infinity Broadcasting, the US outdoor advertising and radio company, that it does not already own.

LONDON (Brand Republic) – Viacom has offered $15.2bn for the remaining minority stake in Infinity Broadcasting, the US outdoor advertising and radio company, that it does not already own.

Viacom already owns 64% of Infinity Broadcasting through its acquisition of the CBS network.

Infinity, which operates 166 radio stations, has seen a number of public and private ownership structures since it first went public in 1986. Its IPO, in December 1998, was the largest media offering to date and took place soon after Viacom gained its majority stake through CBS.

Infinity posted a 73% increase in operating cash flow in the last quarter, with revenues of $2.8bn in 1999. $1.8bn was from its radio interests, the remainder from the outdoor advertising business.



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