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VIACOM TO TAKE $700 MIL HIT
IN SECOND QUARTER

Money Will Be Written Off As "Goodwill," Which Does NOT Mean Plenty Of Clothes For The Needy
Entertainment giant Viacom, which recently acquired broadcast behemoth CBS in a deal worth an estimated $47 billion, will take a related $700 million charge in the second quarter, documents showed Friday.

Reuters reports Viacom also revealed in a July 17 filing with the Securities and Exchange Commission that it plans to make accounting adjustments of about $3 billion for the costs of integrating CBS.

The charges will be added to goodwill on Viacom's balance sheet and written off over several years.

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