Viacom Concludes Comedy Central Buy-out

Following up on an agreement reached on April 22, Media conglomerate Viacom Inc. has completed the acquisition of cable outlet Comedy Central, home to South Park and the new animated interstitial series House Arrest, as well as live-action favorites The Daily Show with Jon Stewart and The Man Show.

Viacom, which already owned half of the network, reportedly paid longtime partner AOL Time Warner Inc. $1.23 billion for the remaining stake. The all-comedy network is now wholly owned by Viacom and joins its MTV Networks’ lineup of basic cable channels.

Also included in the transaction is, which features original programs, schedule information, advanced technology, games, downloads and an online store.