CBS, Viacom Reach Deal to Reunite Sumner Redstone's Media Empire

CBS and Viacom have reached a deal to reunite media mogul Sumner Redstone's U.S. entertainment empire after 13 years apart.The new company will be named ViacomCBS Inc despite the fact that CBS shareholders will own 61% and Viacom shareholders will own 39%.Viacom shareholders will receive 0.59625 CBS shares for each share they own, representing a slight premium to Viacom's closing price Monday.The merger creates a company with roughly $30 billion market value, which is still small compared to rivals including Netflix, at $136 billion; ABC network owner Walt Disney Co.,...


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Published By: VOA Africa - Tuesday, 13 August

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