CBS shareholders to get slight premium from Viacom deal -sources
- Country:
- United States
CBS Corp and Viacom Inc are in the final stages of negotiation of an all-stock merger that values the latter at a discount to its closing price on Friday, two sources told Reuters.
Shares of CBS rose 1.6% to $49.70 in premarket trading, while Viacom fell 2% to $29.40. Viacom shareholders will receive just above 0.595 CBS shares for each share they own, the sources said, adding that the final terms could still change.
The two companies are controlled by National Amusements Inc, the holding company owned by billionaire Sumner Redstone and his daughter Shari. The deal comes at a time when an increasingly competitive media landscape prompted the Redstones to reunify the two companies 13 years after breaking them up.
This is CBS's third attempt since 2016 to bring the U.S. entertainment companies together. Previous merger talks had failed because of clashes between executives over divvying up top jobs and the companies' relative valuation.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- shareholders
- Viacom Inc
- entertainment companies
- executives
- US
ALSO READ
UPDATE 1-Australia's Santos shareholders re-elect Keith Spence as chair
AstraZeneca shareholders approve 2024 pay policy at AGM
AstraZeneca shareholders approve 2024 pay policy in boost to CEO Soriot
Aster board approves spl dividend of Rs 118 per share to shareholders
Route Mobile public shareholders tender shares worth Rs 2,500 crore