VIACOM TO TAKE $700 MIL HIT
IN SECOND QUARTER

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.