Broadcaster Viacom (VIA) - Get Report said it expects to merge with Infinity Broadcasting (INF) - Get Report, of which Viacom is already the majority shareholder. The merger is expected to be complete by the first quarter of 2001.
Viacom currently owns all of Infinity's Class-B common stock, which amounts to 64% of Infinity's common stock and 90% of the combined voting interest of the common stock. Infinity is the largest radio broadcasting company in the country, while Viacom owns properties including CBS, MTV, Nickelodeon, Paramount Pictures and Simon & Schuster. Viacom's stock closed at $55.50 yesterday; Infinity closed at $30.50.