After days of marathon negotiating sessions, CBS Corp. has reached an agreement acquire Viacom, marking the latest twist in the saga of the media giants first brought together by Sumner Redstone in…
first brought together by Sumner Redstone in 1999.near its current market cap of $12 billion — meaning that the acquisition premium was already reflected in Viacom’s share price after months of merger speculation.
CBS’ previous management regime led by former chairman-CEO Leslie Moonves had balked at the prospect of a reunion — so much so that the CBS board filed a lawsuit against Redstone in May 2018. The push by Shari Redstone to bulk up CBS and Viacom comes as both companies have been dwarfed in size and scope by the tech giants who have barrelled into media in the past few years. Disney, Comcast, AT&T have also grown dramatically during the past two decades. It’s understood that Shari Redstone is also open to the possibility of selling the combined company down the road.
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