Media Sumner Redstone

  • The deal brings together CBS television network, CBS News, Showtime cable networks with MTV Networks, Nickelodeon, Comedy Central and the Paramount movie studios. The new company, ViacomCBS, will compete in an industry that has been reshaped after large-scale deals, including $85 billion purchase of Time Warner by AT&T and Walt Disney's buyout of Twenty-First...

  • Even with the combined portfolio of companies that include the CBS television network, CBS News, Showtime cable network and book publisher Simon& Schuster with MTV, Paramount studios and Nickelodeon, the new company, which will be called ViacomCBS Inc, will lack the firepower required to take on the likes of Walt Disney Co and Netflix Inc, Redstone believed.

  • The new company will be named ViacomCBS Inc despite the fact that CBS shareholders will own 61% and Viacom shareholders will own 39%. The merger creates a company with roughly $30- billion market value, which is still small compared to rivals including Netflix Inc, at $136 billion, ABC network owner Walt Disney Co, at about $245 billion, and NBC owner Comcast Corp...

  • Even with the combined portfolio of companies that include the CBS television network, CBS News, Showtime cable network and book publisher Simon& Schuster with MTV, Paramount studios and Nickelodeon, the new company will lack the firepower required to take on the likes of Walt Disney Co and Netflix Inc, Redstone believed. Taken together CBS and Viacom's market...

  • The new company will be named ViacomCBS Inc despite the fact that CBS shareholders will own 61% and Viacom shareholders will own 39%. The deal represents a victory for Shari Redstone, president of National Amusement, after three attempts since 2016. Joe Ianniello, interim CEO of CBS, will be named Chairman and CEO of CBS, which will exclude the Showtime cable...

  • Shares of Viacom rose 2.3% to $29.19 and CBS shares rose 2.4% to $49.20 in morning trading. The two companies are controlled by National Amusements Inc, the holding company owned by billionaire Sumner Redstone and his daughter, Shari. Joe Ianniello, interim CEO of CBS, is expected to be named Chairman and CEO of CBS Networks, which will exclude the Showtime cable...

  • Aug 13- CBS Corp and Viacom Inc have reached an agreement in principle, sources familiar with the matter told Reuters on Tuesday, reuniting media mogul Sumner Redstone's U.S. entertainment empire after 13 years apart. The two companies are controlled by National Amusements Inc, the holding company owned by billionaire Sumner Redstone and his daughter, Shari.

  • Shares of CBS rose 0.6% to $49.21 in early trading, while Viacom fell 2.9% to $29.14. Bob Bakish, Chief Executive of Viacom, is expected to be named the Chief Executive of the combined company; Joe Ianniello, interim CEO of CBS, is expected to be named CEO and Chairman of CBS Networks, a source familiar with the matter said. The deal, which could be announced as early as...

  • CBS and Viacom are in the final stages of negotiation of an all-stock merger that values the latter at a discount to its closing price on Friday, two sources told Reuters.

  • Joe Ianniello, interim CEO of CBS, would oversee all CBS- branded assets, which will not include the Showtime cable network or book publisher Simon& Schuster, one source said. According to his employment contract, Ianniello is entitled to be paid $70 million if he is not named CEO of CBS. CBS former CEO Leslie Moonves, who stepped down last year following sexual...

  • Leslie 'Les' Moonves, president and chief executive officer of CBS Corp., listens during the annual Milken Institute Global Conference in Beverly Hills , California.

    CNBC's David Faber has learned that CBS' board is deep in settlement talks with CEO Les Moonves that would result in his departure and the appointment of COO Joe Ianniello as his interim replacement.

  • A person exits the Viacom offices in New York.

    Viacom reported a drop in revenue due to declining domestic advertising sales and fees it collects from cable TV operators.

  • Les Moonves

    Moonves has been embroiled in a public dispute with principal owner National Amusements Inc., whose president, Shari Redstone, is on the CBS board. 

  • Leslie Moonves, Chairman and CEO of CBS Corporation (l) and Shari Redstone Vice Chairperson of Viacom.

    A demand letter sent last year by Moonves to Redstone is playing out in the boardroom battle, says the New Yorker columnist and best-selling author.

  • Leslie Moonves, Chairman and CEO of CBS Corporation (l) and Shari Redstone Vice Chairperson of Viacom.

    A Delaware judge ruled in favor of National Amusements' bid to challenge a voting control plan.

  • CBS, which is in tough merger talks with Viacom Inc, topped revenue and profit estimates on Thursday.

  • A person exits the Viacom offices in New York.

    Viacom has asked CBS to sweeten its merger bid by about $2.8 billion or almost a quarter more than CBS's offer, people familiar with the matter said.

  • CBS, Viacom talks hit potential roadblock

    CNBC's David Faber reports the latest on the potential deal between CBS and Viacom.

  • Sumner Redstone

    Media mogul Sumner Redstone has resorted to communicating through an iPad preloaded with clips of his voice saying "yes," "no" and what he REALLY thinks.

  • Les Moonves, president and chief executive officer of CBS Corp.

    The broadcast media company's earnings come amid chatter over its potential recombination with Viacom.