August 13, 2019
The expected re-merger between Viacom and CBS has reportedly found common ground on the all-stock transaction’s price at around Viacom’s $12 billion market valuation.
Bloomberg, citing sources familiar with the deal, says the merger, which would re-unite parent Viacom and CBS after 13 years, could be announced as early as today.
Specifically, Viacom would get 0.59625 a share of CBS for each of its own shares. A year ago, Viacom had sought 0.6135 a share of CBS.
The two companies, whose assets include Paramount Pictures, BET, MTV, Comedy Central, Showtime and CBS All Access, among others, are looking to save $500 million in combined synergies — about half of what they originally announced.
The deal was originally delayed after former CBS boss Les Moonves sought the CEO position among the combined companies. Shari Redstone, who runs Viacom/CBS parent company, National Amusements Inc. for her ailing 94-year-old father, Sumner Redstone, wanted Bob Bakish, CEO of Viacom, to hold the position.
Moonves dropped out of discussions when he was forced out at CBS following a series of #MeToo allegations.
Now Bakish is seen inheriting the CEO position, which leaves acting CBS CEO Joe Ianniello’s position unknown.