CBS and Viacom have for over a year now been in on and off talks to once again merge. Now it has been reported by CNBC that CBS and Viacom have agreed to an August 8th deadline for their merger talks. This does not mean a deal will be reached but it sounds like one way or the other talks will come to an end August 8th, 2019.
The two companies use to be one but broke up into two companies in 2006, at the request of both boards. Both companies still have the same majority owner but have grown apart over the years. Last year talks broke down reportedly over who would lead the new company. Since that happened CBS Chief has left and six board members have been replaced.
The Wall Street Journal reported back in June that the CBS board was ready to make Viacom an offer to merge or buy Viacom but the deal is still reportedly not done. Sources say that Viacom’s CEO Robert Bakish is likely to be the next chief executive of the combined company over CBS chief Joe Ianniello. Reports are that Robert Bakish has a strong relationship with National Amusements president Shari Redstone, who is running the company for her ailing father, Sumner Redstone and is the majority owner of both CBS and Viacom.
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