(Updates with closing stock price in sixth paragraph.)
Nov. 11 (Bloomberg) -- Viacom Inc., the owner of MTV Networks and Paramount Pictures, said it will transfer its stock listing to the Nasdaq Stock Market from the New York Stock Exchange to save on expenses.
Its Class B shares will trade under ticker symbol VIAB and Class A voting shares will trade under VIA, the company said today in a statement. A listing at Nasdaq, owned by Nasdaq OMX Group Inc., will be “more cost effective,” Viacom said.
Viacom, based in New York, reported fourth-quarter profit yesterday that exceeded analysts’ estimates and added $6 billion for stock buybacks. The company has benefited from growing advertising market and increased fees from pay-TV operators.
The listing transfer will take place Dec. 1, Viacom said.
“It’s been our privilege to have provided Viacom and its shareholders with superior market quality, services and brand affiliation,” Richard Adamonis, a spokesman for NYSE Euronext, owner of the New York Stock Exchange, said in an e-mailed statement.
Viacom, controlled by Chairman Sumner Redstone, 88, rose 3 percent to $44.90 at the New York close. It has advanced 13 percent this year.
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