CBS, Viacom agree to merge in all-stock deal
Reuters
Published Aug 13, 2019 19:27
CBS, Viacom agree to merge in all-stock deal
(Reuters) - CBS Corp (N:CBS) and Viacom Inc (O:VIAB) agreed to merge on Tuesday, creating a company with more than $28 billion (£23.2 billion) in revenue, as an increasingly competitive media landscape prompted their controlling shareholder to reunify the U.S. entertainment companies 13 years after breaking them up.
Each Viacom Class A voting share and Viacom Class B non-voting share will convert into 0.59625 of a Class A voting share and Class B non-voting share of CBS, respectively, the companies said.
The two companies are controlled by National Amusements Inc, the holding company owned by billionaire Sumner Redstone and his family.
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Written By: Reuters
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