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US: CBS and Viacom consider reuniting

 |  September 29, 2016

Viacom bought CBS in 2000 only for the companies to split six years later because Sumner Redstone, who was then firmly in control, believed CBS and its traditional media assets were holding back Viacom’s younger-skewing platforms.

Currently, Mr. Redstone’s daughter holds sway over the companies and has broached the idea of reuniting the companies with Mr. Moonves, chairman of CBS, who would lead the combined companies.

The Redstone family’s holding company, National Amusements, owns 80% voting stakes in both Viacom and CBS and asked them on Thursday to consider a merger. In the letter, National Amusements said any transaction should proceed only with approval from both boards and said the Redstone family won’t cast votes as board directors.

Full Content: The Wall Street Journal

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