Viacom and CBS reunite in $12 billion deal, but challenges abound [Los Angeles Times (CA)]
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Source: Los Angeles Times
Long known as the squabbling siblings of media, CBS Corp. and Viacom Inc. are poised to finally reunite after 13 years apart. The much-anticipated corporate union, which will be called ViacomCBS Inc., is set to conclude Wednesday after the markets close. The Viacom name gets top billing even though CBS is more valuable. The merger culminates a three-year campaign by Shari Redstone — daughter of the ailing mogul Sumner Redstone — who out-maneuvered her father’s long-time lieutenants to merge the New York-based media companies. “This merger was born out of necessity,” said Peter Csathy, chairman of CREATV, an Orange County advisory firm. “It is no mystery that scale is what everyone has been looking for in this fundamentally changing media space.” Shares in the reconstituted company, which will be valued at about $25 billion, will begin trading Thursday on the Nasdaq market under ticker symbols, VIAC and VIACA. The all-stock transaction is worth nearly $12 billion, which is the market c
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