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CBS Corp. and New Viacom
by the numbers

While current Viacom shareholders will receive exactly the same number of shares in the post-split companies, CBS Corp. and New Viacom, there is considerable difference in the financial numbers for the two parts. New Viacom has less revenues, but higher profit margins. Net earnings per share for the first half of this year were virtually identical, but, as noted in the previous story, CBS plans to pay out some of those earnings in dividends, while New Viacom will hoard its cash for expansion. Here's a side-by-side comparison:



Viacom break up financials
First six months of 2005 vs. 2004
($ in millions, except per share)

CBS Corporation

New Viacom

Category

2005

2004

2005

2004

Revenues

$7,105.5

$6,913.7

$4,408.4

$3,658.8

Operating income

$1,322.2

$1,377.2

$1,210.4

$1,059.7

Net earnings from continuing operations

$653.3

$676.5

$724.6

$665.4

Diluted earnings per share*

$0.81

N/P

$0.82

N/P

Cash dividend per share*

$0.28

N/P

$0.00

N/P


*pro forma
N/P=not provided




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