Debt fears over Viacom plan to split into two

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The board of media conglomerate Viacom Incorporated has approved a plan to split the company into two entities in the first quarter of 2006. The company intends to complete the transaction as a tax-free spin-off designed to boost shareholder value; analysts say the plan could be a negative for bondholders.

The company will be split as follows: Viacom Inc. will run the higher-growth cable, film and home entertainment businesses, while CBS Corporation will run the slower-growth advertising-sup

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