CBS and Viacom have for over a year now been in on and off talks to once again merge. Recently it was reported that the two companies had put an August 8th deadline for a deal to be finished and announced. Now though it is being reported that no announcement will be made tomorrow.
One of the main holdups was who would lead the new company but when it was announced that a deal was reached on leadership many thought the merger was all but done. According to CNBC CBS and Viacom had agreed to a leadership deal to make Viacom’s CEO the new leader of a combined company. Now CNBC is reporting that more time is needed to work out the final details of the merger resulting in the August 8th deadline being pushed back.
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. Now a deal seems to be agreed to.
This is breaking news more coming soon. Check back often for more updates.
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