The idea is that you sell a foreign currency call option and use the proceeds of the sale to purchase a foreign currency call option in the same currency with the same counterparty and the same expiration date.

FORBES: Partnership Needs More Than One Partner

But you are also getting a call option on the possibility that Viacom will sell a lot of premium services to its cable subscribers, using fiber-optic cable it has already laid in the ground.

FORBES: Consider Your Options

One other quick point: you may want to start with an out of the money call butterfly or put butterfly in order to lessen the probability of another party exercising an option you sell, as it is detrimental for them to do so while the option is out of the money.

FORBES: Still Flying Into Housing Stocks? Consider This Options Strategy