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CBS, Viacom Reach Long-Awaited Merger Agreement to Reunite

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CBS, Viacom Reach Long-Awaited Merger Agreement to Reunite

Postby MrFredPFL » Wed Aug 14, 2019 2:42 am

Story :

After days of marathon negotiating sessions, CBS Corp. has reached an agreement to acquire Viacom, marking the latest twist in the saga of the media giants first brought together by Sumner Redstone in 1999.

The enlarged company will take taken on the moniker ViacomCBS Inc. The all-stock deal values Viacom at right around its current market cap of $11.7 billion — meaning that the acquisition premium was already reflected in Viacom’s share price after months of merger speculation. The deal calls for Viacom shareholders to receive .59625 shares of CBS Corp. for every Viacom share.

CBS and Viacom announced the agreement Tuesday after more than 48 hours of intense final-lap negotiations between the boards of both companies. Scrutiny of the transaction by CBS and Viacom shareholders outside the Redstone orbit will be strong, given the history between the companies.

Viacom CEO Bob Bakish will lead the combined enterprise as president-CEO. Joe Ianniello, president and acting CEO of CBS for the past year, will become chairman-CEO of CBS, leading the Eye-branded assets. Shari Redstone will become chairman of ViacomCBS, moving into a seat that was occupied by her father until early 2016.

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