Viacom, CBS Not In Energetic Merger Discussions: Sources

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(P3P) – Viacom Inc (VIAB.O) and CBS Corp (CBS.N) aren’t in energetic merger discussions, though controlling shareholder Shari Redstone has had exploratory conversations with CBS administrators about recombining the businesses, two sources acquainted with the scenario informed P3P on Friday.

CBS and Viacom are each managed by ailing Sumner Redstone, 94, and his daughter Shari, by way of their privately owned movie show firm, Nationwide Amusements Inc.

Sumner Redstone break up Viacom and CBS into separate corporations a decade in the past. He and his daughter tried to merge the 2 in 2016, however the effort failed.

Nationwide Amusements, CBS and Viacom declined to remark.

Leisure and media information web site The Wrap on Friday reported that Shari Redstone was in search of to merge Viacom and CBS, sending Viacom shares up as a lot as 15 %, to $35.55.

Viacom shares fell, however have been nonetheless buying and selling up 7 % in after hours buying and selling following reviews merger was not being pursued.

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