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Viacom Chairman Sells Class B Shares

Viacom Inc.'s (VIA: Quote,VIAB: Quote) chairman Summer Redstone sold 128,777 common Class B shares for about $7.5 million on February 7, a regulatory filing showed.

The media conglomerate's chairman sold 125,077 shares at $58.6842 per share, while 3,700 shares were sold at $59.0589 per share.

The Class B shares of Viacom do not have voting rights.

Viacom owns MTV, Nickelodeon and Comedy Central as well as film unit Paramount Pictures.

The company recently reported a sharply lower profit from continuing operations for the first quarter, as revenues declined 16 percent owing mainly to lower Filmed Entertainment revenues due to the timing and mix of releases.

VIAB closed on Monday at $59.31.

by RTT Staff Writer

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