Shareholders of Nielsen Media Research approved a plan for a reverse, 1-for3 stock split.
As a result of the vote, one share of new Nielsen Media Research stock will be issued for every three shares of old Nielsen Media Research stock. The company changed its name from Cognizant Corp. on July 1, when it spun off IMS Health in a tax-free distribution to shareholders. Shareholders will receive instructions on how to exchange their old Nielsen Media Research or Cognizant Corp. stock certificates for new certificates.
Trading in new Nielsen Media Research shares will begin on Aug. 27, the company said.
As a result of the vote, the number of shares outstanding in Nielsen Media Research will be reduced from approximately 168 million shares to approximately 56 million shares. Diluted shares outstanding will total approximately 59 million.
“We believe the reverse split will increase Nielsen Media Research’s investment appeal, and expand the number of potential investors in our company,” said John A. Dimling, president and CEO. “The reverse split also will reduce costs for the company and for investors.”
No fractional shares will be issued as a result of the reverse split, the firm said, and shareholders will receive cash payment in lieu of any fractional shares.
Nielsen Media Research is a provider of television audience information services for broadcast and cable networks, TV stations, local cable systems, Hispanic television, sports organizations, national syndicators, advertisers and their agencies. The company also markets advertising intelligence services and information on Internet usage. It is separate from ACNielsen Corp., the market research services company.
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