With its current three billion bucks stock buyback authorization down to around 300 million, Viacom has gotten the go ahead from its board of directors to buy back four billion bucks more. There is no specific timeline for Viacom management to buy back shares. It will be able to acquire both Class A (voting) and Class B (non-voting) shares as market conditions warrant.
NAIRI Inc., a closely held corporation controlled by Sumner Redstone, is expected to continue its participation in this stock purchase program on a pro-rata basis on substantially the same terms on which it currently participates in Viacom's stock purchase program. The agreement, which has been approved by Viacom's Board, is designed to prevent the buyback from increasing NAIRI's economic interest in Viacom.
