CBS, Viacom Reach 52-Week Highs

CBS and Viacom reach new 52-week highs today.
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Updated to correct that Viacom named David Kline chief information officer.

NEW YORK (

TheStreet

) -- Stocks in the cable and broadcasting sector were boosted by overall market gains on Wednesday as

CBS

(CBS) - Get Report

and

Viacom

(VIA) - Get Report

shares reached new highs.

Viacom shares gained 22 cents from its opening price to reach its 52-week high of $41.83 today. Shares have climbed almost 25% over the past year and closed at $17.86 today.

Today, Viacom announced that David Kline has been named senior vice president of technology and chief information officer. Kline was formerly executive vice president and chief information officer at

Discovery Communications

(DISCA) - Get Report

.

On

Oct. 5, CBS hit a 52-week high of $17.42

after announcing a tender offer for up to $250 million of outstanding debt. Today shares rose 20 cents to a new high of $18.20, up almost 40% from its 3-month low of $13.10 on Aug. 25.

CBS shares have risen more than 30% in the past year. Shares closed essentially flat at $17.86

Viacom is set to release its third quarter earnings report on Nov. 11 and CBS is scheduled to release its report on Nov. 4.

-- Written by Theresa McCabe in Boston.

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