Ironically, a press screening had me shut up inside the Viacom building here in New York for a good chunk of the day yesterday and, thus sequestered, I didn't immediately hear the news that Sumner Redstone and board had voted unanimously to split. The megaconglom will divide itself into two companies: Viacom Inc, to be run by Tom Freston, will house MTV Networks and Paramount Pictures; CBS Corp., under the watch of Les Moonves, will comprise of the CBS network and studios, UPN, Infinity Broadcasting, Viacom Outdoor, Paramount TV and other radio, TV and outdoor subsidiaries. Moonves also gets to look after Showtime and the Paramount theme parks. Essentially, the idea is to let Moonves handle the "cash-rich", old-guard aspects of the empire, whilst giving Freston the "high-growth" subsidiaries (re: the hipper, riskier aspects more suseptible to fluctuations in the marketplace). The companies will have seperate boards, but will still be able to synergistically comingle on the right project.