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Article: Biz Briefs; WWE Buys Back Viacom Stake.(television industry news briefs)(Brief Article)
- Article from:
- TelevisionWeek
- Article date:
- June 16, 2003
CopyrightCOPYRIGHT 2003 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WWE Entertainment on Wednesday bought back the 2 million shares that Viacom owned after the media giant determined its stake in the entertainment company was no longer strategic. At Wednesday's close the value of the stake was around $19.2 million, based on a close of $9.60 a share.
The sale represented just 3 percent of the shares outstanding in Stamford, Conn.-based WWE, whose properties include television's "WWE Smackdown'' and "WWE Raw.''
A WWE spokesman stressed that the sale in no way affects the strategic alliance that WWE has with Viacom, which includes telecasting its wrestling shows on the UPN broadcast and Spike TV cable networks and ...