Pali initiated Viacom with a "Buy" and $50.50 price target; it issues 4Q earnings today. Pali believes Viacom’s value is enhanced by the expanding number of distribution outlets (RBOC’s fiber, mobile phone video, etc). — S&P will keep Time Warner’s "BBB+" long-term corporate and sr debt ratings on CreditWatch following its deal with Carl Icahn. It views TW’s plans to repurchase $20bln of common stock by the end of ’07 as leaving less capacity for acquisitions and unanticipated changes in the economy. — Gemstar’s board approved a 7.3% salary increase for CEO and acting CFO Rich Battista last week, putting his salary at $912,050, according to an SEC filing.

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