Shari Redstone, controlling shareholder of both Viacom and CBS Corp via National Amusements, becomes chairwoman of the combined entity with a forecast $500 million in post-merger cost savings
Viacom and CBS Corp. have struck a deal for a merger on Tuesday with an agreement to recombine in the latest entertainment industry mega-deal.
The companies had previously agreed on the management setup and the composition of the board of the merged company, with the stock exchange ratio for the deal being the final haggling point that was finally resolved early in the week. The boards of both companies have approved the deal. Reports of the likely share ratio, along with a broader stock market decline, sent shares of Viacom down 4.9 percent to $28.53 on Monday, while CBS' stock fell 1.8 percent to $48.04.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CBS and Viacom Strike Deal for Long-Thwarted MergerCBS and Viacom agreed to merge in a deal that would reunite mogul Sumner Redstone’s media empire in the hopes of creating a more formidable competitor to the entertainment industry’s giants.
Read more »
CBS And Viacom Stocks Both Sink As Merger Deal Nears Close – UpdateUPDATED with closing stock prices. Shares of CBS slipped 2% after early gains and Viacom’s dropped 5% Monday as investors reacted to word that the companies were near the finish line in their…
Read more »
CBS, Viacom in Final Stages of Deal TalksCBS and Viacom are in the final stages of negotiating a deal that would reunite mogul Sumner Redstone’s media empire in the hopes of creating a more formidable competitor to the entertainment industry’s giants.
Read more »
Jim Gianopulos Inks Multi-Year Deal As Paramount Boss Prior To CBS-Viacom MergerBREAKING: Ahead of the CBS-Viacom merger, Viacom has re-upped Paramount Pictures Chairman and CEO Jim Gianopulos to a new, multi-year contract. In addition, Paramount’s current production president…
Read more »
Viacom Stock Drops, CBS Shares Rise Slightly in Early Trading as Deal NearsThe companies are closing in on a recombination, which could be announced as early as Monday, with one report suggesting the price of the deal could mean a slight premium for CBS shareholders.
Read more »
Jim Gianopulos Signs New Multi-Year Deal as Paramount Chief Ahead of CBS-Viacom MergerViacom has signed Paramount Pictures Chairman and CEO Jim Gianopulos to a new, multi-year contract, individuals familiar with the talks told Variety. The development comes as Viacom is expected to …
Read more »