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Carve-Outs Past and Pending

PARENT (TICKER)           PRICE*  CARVE-OUT               PRICE*

BARNES & NOBLE (BKS)      $28.12  barnesandnoble.com        NA
CBS (CBS)                  27.94  Infinity Broadcasting     NA
CINCINNATI BELL (CSN)      23.50  Convergys (CVG)           $12.00
GENERAL MOTORS (GM)        59.44  Delphi Automotive         NA
NEWS CORP. (NWS)           25.44  Fox Entertainment (FOX)   NA
PEPSICO (PEP)              31.44  Pepsi-Cola Bottling       NA
REPUBLIC INDUSTRIES (RII)  17.50  Republic Services (RSG)   $15.94
VIACOM (VIA)               60.25  Blockbuster Entertainment NA


PARENT (TICKER)           CARVE-OUT                  STATUS

BARNES & NOBLE (BKS)      barnesandnoble.com         Expected this year
CBS (CBS)                 Infinity Broadcasting      Expected this year
CINCINNATI BELL (CSN)     Convergys (CVG)            Done Aug.13 at $15
GENERAL MOTORS (GM)       Delphi Automotive          Early 1999
NEWS CORP. (NWS)          Fox Entertainment (FOX)    Expected in Nov.
PEPSICO (PEP)             Pepsi-Cola Bottling        Under consideration
REPUBLIC INDUSTRIES (RII) Republic Services (RSG)    Done July 1 at $24
VIACOM (VIA)              Blockbuster Entertainment  Late 1999

*Sept. 4
DATA: HIGH YIELD ANALYTICS, STANDARD & POOR'S, BUSINESS WEEK


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Updated Sept. 10, 1998 by bwwebmaster
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