Viacom Surges After Buyback Program Boosted to $20 Billion
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Viacom Inc., owner of cable networks MTV and Nickelodeon, surged in trading after the company doubled its stock buyback program to $20 billion -- more than half its market value -- and posted higher-than-estimated sales.
The shares gained 6.5 percent to $79.17 at the close in New York, the biggest one-day gain in almost two years. The bonds fell, meanwhile, as ratings companies downgraded its debt.