Viacom’s Sumner Redstone told shareholders there should be a decision by the end of June on whether to split into 2 companies. A separation could occur in the early part of ’06. The split would separate MTV, Paramount Pictures from CBS and Infinity Broadcasting. — Overbuilder Knology closed a previously announced $9.2mln convertible preferred private equity deal. It made an issue to new and certain existing shareholders, an aggregate of 920K shares of Series AA preferred stock at a purchase price of $10/share. Proceeds will pay down debt and be used for general expenses. — Fulcrum raised its ’05 earnings/share estimate for Disney to $1.30 from $1.24, and its ’06 estimate to $1.45 from $1.40. Fulcrum cited the ratings turnaround at ABC and the continued success of ESPN. — Viacom declared a quarterly cash dividend of 7 cents/share on Class A and Class B shares, payable July 1.

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FCC Approvals Raise Speculation for More Mergers

The FCC’s approval of a trifecta of deals—T-Mobile-UScellular, Intelsat-SES and T-Mobile-Metronet—could open the floodgates for more consolidation

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