A PYMNTS Company

US: CBS/Viacom set August merger date

By  |  July 15, 2019

CBS and Viacom continue to bob along with merger talks and are now circling Aug. 8 as an internal deadline to agree to a deal, according to people familiar with the matter.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    While a transaction could be announced sooner — or later! — than that, CBS and Viacom happen to share Aug. 8 as the day both companies report second-quarter earnings. That makes it a natural goal post for a merger that’s been speculated about for more than a year, said the people, who asked not to be named because discussions are private.

    Both companies have conceptually agreed that a deal to gain scale makes sense, said the people. Bulking up to compete with Netflix, Disney, Comcast and others is a narrative that’s been pushed by controlling shareholder Shari Redstone, who is prohibited from proposing a merger of the companies herself — a provision from a lawsuit she settled with CBS Corp. last year. Redstone would like a combined CBS-Viacom to get even larger as it prepares to renew expensive NFL broadcast rights in the coming years. She attended Allen & Co.’s Sun Valley conference last week, an annual setting for companies to begin thinking about future acquisitions.

    Full Content: CNBC

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.