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CBS, Viacom Reach Deal to Reunite Sumner Redstone’s Media Empire

FILE - Shari Redstone, vice-chair of CBS Corporation and Viacom, attends the annual Allen and Co. Sun Valley media conference in Sun Valley, Idaho, July 10, 2019.

CBS and Viacom have reached a deal to reunite media mogul Sumner Redstone’s U.S. entertainment empire after 13 years apart.

The new company will be named ViacomCBS Inc despite the fact that CBS shareholders will own 61% and Viacom shareholders will own 39%.

Viacom shareholders will receive 0.59625 CBS shares for each share they own, representing a slight premium to Viacom’s closing price Monday.

The merger creates a company with roughly $30 billion market value, which is still small compared to rivals including Netflix, at $136 billion; ABC network owner Walt Disney Co., at about $245 billion; and NBC owner Comcast at $193 read more >>>

Source:: VOANews.Com