January 15, 2018 at 3:09 pm #179784
It will be interesting how this will play out.January 17, 2018 at 11:08 pm #179833January 18, 2018 at 12:09 pm #179845
Here is an update on the CBS/Viacom talks
Shari Redstone, a controlling shareholder of CBS, has discussed adding new directors to the CBS board as she renews her push to merge the company with Viacom, The Wall Street Journal reported on Wednesday.
Shari Redstone and Sumner Redstone, her ailing 94-year-old father, together control both CBS and Viacom Inc through their privately owned movie theater company, National Amusements Inc. The Redstones failed in an attempt to merge the two companies in 2016.
Shari Redstone, who is vice chair of the CBS board, has had exploratory conversations with CBS Chief Executive Leslie Moonves and directors about recombining the companies, sources have told Reuters.
While Moonves is receptive to a combination, he has some reservations, sources have told Reuters.
Spokesmen for CBS and Viacom declined to comment.
CBS is looking to replace several of its directors at its annual shareholders meeting in May, and Shari Redstone is gathering names of possible candidates, according to The Wall Street Journal.
Shari Redstone’s push to revisit a CBS merger with Viacom has become more pressing in light of Walt Disney’s planned acquisition of a majority of Twenty-First Century Fox’s assets, the sources told Reuters.
A combined CBS, which owns cable networks including Showtime and The Movie Channel as well as the CBS TV Network and CBS TV Studios, and Viacom, whose businesses include Paramount Pictures, Nickelodeon Movies and MTV Films, would have more negotiating leverage with cable and satellite companies.
In addition, Shari Redstone does not want to wait for the verdict on the U.S. Department of Justice’s lawsuit to block AT&T’s $85 billion acquisition of Time Warner, which is set to go to trial in March, the sources told Reuters. The Justice Department is suing to block that deal on the grounds that it is anti-competitive.
If that deal were to fall through, it would mean both AT&T and Time Warner may look for other companies to combine with, sources have said.
Viacom’s new CEO, Bob Bakish, has improved relations with distributors, found financing for Paramount Pictures after Chinese investors dropped out and shuffled programming.
Even so, Viacom’s stock is trading around $32 a share, below the $35-$38.80 range it was trading at when it and CBS explored a merger in late 2016.January 18, 2018 at 4:28 pm #179851
Here is an update. Note National Amusements the investors of CBS and Viacom are also in talks to get Lionsgate along with Amazon and Verizon.January 29, 2018 at 10:58 am #180038
And now Viacom is promoting the Paramount network as a viable Viacom cable channel.February 1, 2018 at 10:29 am #180127February 7, 2018 at 10:43 am #181173
Update Viacom has announced layoffs.February 9, 2018 at 10:18 pm #181231
Here is an updateFebruary 20, 2018 at 9:44 am #181381
Here is an update on the CBS/Viacom talks.March 26, 2018 at 11:07 am #181959
Yes here is an update on the CBS/ Viacom talks.March 30, 2018 at 12:15 pm #182015
Update on the CBS Viacom talks.April 4, 2018 at 12:05 pm #182075April 10, 2018 at 11:30 am #182178
Update on the talks.April 11, 2018 at 3:34 pm #182194May 14, 2018 at 4:53 pm #182580
National Amusements and the Redstones are named in a lawsuit over how the CBS/Viacom deal is handled.
LOS ANGELES — CBS Corp. essentially declared war on Shari Redstone on Monday, filing a lawsuit intended to thwart her effort to push through a merger of CBS and Viacom Inc.
The company is seeking a temporary restraining order to prevent Redstone and National Amusements Inc. — the Redstone family investment vehicle that is the controlling stockholder of both CBS and Viacom — from trying to change CBS’ board members or governance documents before the board can meet Thursday and work to dilute the Redstones’ control over the company.
Redstone wants the two companies to combine, and this is the second time in two years that she has tried to make a merger happen. She says the two companies would be stronger together as traditional media companies gird for battle with such technology companies as Facebook, Google, Netflix and Amazon.com.
CBS does not want to be weighed down by Viacom’s struggling cable channels.
During the CBS board meeting Thursday, the directors will consider a dividend of Class A shares to Class B shareholders that would dilute National Amusements’ voting interest from about 80 percent to 17 percent.
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