NEW YORK More than two months before CBS Corp and Viacom Inc succeeded at a third attempt to recombine, controlling shareholder Shari Redstone had already decided the new company needed to get bigger.
CBS Corp and Viacom Inc have reached a deal to reunite media mogul Sumner Redstone's U.S. entertainment empire, betting that a larger company will be able to compete and partner better in a media industry dominated by giants. | Video
NEW YORK, Aug 13 More than two months before CBS
Corp and Viacom Inc succeeded at a third
attempt to recombine, controlling shareholder Shari Redstone had
already decided the new company needed to get bigger.
NEW YORK CBS Corp and Viacom Inc are in the final stages of negotiating an all-stock merger that values Viacom at a discount to its closing price on Friday, two sources told Reuters.
Viacom Inc , the owner of MTV, Comedy Central and Nickelodeon cable networks, beat estimates for quarterly revenue and profit on Thursday, as it posted rare growth in domestic advertising revenue after five years of declines.
Videogame publisher Take-Two Interactive Software Inc raised its full-year revenue forecast on Monday, boosted by the success of its games "NBA 2K", "Grand Theft Auto V" and "Red Dead Redemption 2", sending its shares up 7% in extended trading.
Viacom Inc and CBS Corp have worked out a management structure in which Viacom Chief Executive Officer Robert Bakish would lead the combined company if the two entities reach a deal to merge, sources familiar with the matter said.