CBS and Viacom have agreed to a $30 billion reunion. For now, the long-awaited merger is more of a whimper than a Big Bang, writes jennifersaba.
CBS and Viacom on Aug. 13 said they had agreed to merge in an all-stock transaction worth $30 billion based on the closing share prices of both companies on Aug. 12.
Viacom Class A shares and Class B shares will convert into 0.59625 of CBS Class A shares and Class B shares, respectively. Existing CBS shareholders will own 61% of the company, to be known as ViacomCBS, while existing Viacom shareholders will own 39%. National Amusements, the investment vehicle owned by the Redstone family, holds nearly 80% of the voting Class A shares of each company. Class B shareholders do not get a vote.
Bob Bakish, the chief executive of Viacom, will become CEO of ViacomCBS while CBS interim chief executive Joe Ianniello will serve as chairman and CEO of the CBS business. Shari Redstone will become chair of the combined company.
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