Details Emerge of Blockbuster Split-Off

Viacom Inc. will receive $738 million in cash from Blockbuster Inc. in a special dividend as the company prepares to split off the money-losing video- and DVD-rental chain.

Viacom, which owns 82% of Blockbuster, will offer its investors the option of exchanging their shares for Blockbuster stock. Blockbuster said it would pay its shareholders, including Viacom, a $5-a-share dividend before the split and take on $1.45 billion in debt to finance the payment.