People/Biz

CBS and Viacom set closing date for merger

Viacom Inc. and CBS Corp. have landed on Wednesday of next week (Dec. 4) as the closing date for their upcoming merger. The US$30 billion deal’s closing date was narrowed down following earlier statements that ...
November 25, 2019

Viacom Inc. and CBS Corp. have landed on Wednesday of next week (Dec. 4) as the closing date for their upcoming merger.

The US$30 billion deal’s closing date was narrowed down following earlier statements that it would close by the end of the year, and last month’s announcement of a close in “early December.”

The merger agreement was first reached by the two companies in August and unites the companies’ portfolio of brands — including CBS, Showtime, Nickelodean, MTV, BET, Comedy Central and Paramount Pictures — for the first time since Sumner Redstone’s National Amusements split the media giants in 2006.

National Amusements, which holds the majority of voting shares for Viacom and CBS, approved the pending merger last month. Once customary closing conditions are reached and the merger occurs, CBS will delist its shares from the New York Stock Exchange and will list shares under the new corporate entity, ViacomCBS, which will trade on the NASDAQ stock market under the symbols VIACA and VIAC starting Dec. 5.

Bob Bakish (pictured left), Viacom president and CEO, will helm the newly formed company, while CBS president and acting CEO Joe Ianniello (right) will become chairman and CEO of CBS. Shari Redstone, National Amusements’ president, will be chair of the merged entity.

(With files from Jillian Morgan)

About The Author
Daniele Alcinii is a news editor at realscreen, the leading international publisher of non-fiction film and television industry news and content. He joined the RS team in 2015 with experience in journalism following a stint out west with Sun Media in Edmonton's Capital Region, and with communications work in Melbourne, Australia and Toronto. You can follow him on Twitter at @danielealcinii.

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