Viacom, the US entertainment and media group has signed a $2.3 billion (£1.4 bn) deal to sell its cable television systems to an investment group which includes TeleCommunications Inc, the biggest US cable operator, as one of its partners.
Viacom will now concentrate on making and selling television programmes and films rather than trying to build up a bigger cable network. The sale will help Viacom pay off some of the debts from last year’s two big acquisitions; Paramount Communications and Blockbuster Entertainment.
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