Report: CBS-Viacom Deal Could Come Monday, CBS Shareholders Could See Slight Premium
Shares of both media companies were trading down after the report, which cited unnamed sources in saying Viacom shareholders would receive between 0.595 and 0.5965 CBS shares for each Viacom share they own.
Reuters also reported that Viacom CEO Bob Bakish is expected to be named CEO of the combined company, while interim CBS CEO Joe Ianniello would be named CEO and chairman of CBS networks.
The deal could be announced as early as Monday, Reuters said.
If completed, the merger would reunite CBS and Viacom, which were split 13 years ago. Both are controlled by National Amusements Inc., a holding company owned by media mogul Sumner Redstone and his daughter Shari.
The uncertainty over when — or if — the two companies could complete a merger has been an overhang on CBS stock.
CBS shares were down 1.62% at the time of publication Monday, while Viacom shares were down 4.78%.
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.