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US: Viacom-CBS $30B merger now to close in “early December”

 |  October 29, 2019

The US$30 billion merger of CBS and Viacom has been approved by their parent company National Amusements, the latest step toward the proposed combination, reported Variety. 

The companies announced on Monday, October 28, that the approval for the all-stock deal “satisfies the closing conditions to the merger requiring approval of a majority of the CBS Class A shares and a majority of the Viacom Class A shares.”

Viacom and CBS now say that pending other customary closing conditions, the merger is expected to be completed by early December. At closing, CBS will be renamed ViacomCBS.

Viacom CEO Bob Bakish, who will lead the combined entity, has signed a four-year deal paying him a base salary of US$3.1 million per year. He will be eligible to receive equity compensation with an aggregate target value of US$16 million, plus a target annual cash bonus of US$12.4 million, with the actual bonus determined based on a set of formulas.

Full Content: Variety

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