CBS and Viacom Bankers Hammering Out Details of Possible Merger
Just in case you thought I’d forgotten about the rumored CBS and Viacom merger...well, this story is proof that I haven’t.
Sadly we still have not had official confirmation from either camp that things are happening, nor any confirmation that talks have started, nor that either business is even interested in talking. But “sources”, you know, stay very busy.
Last week, Fox Business brought word that not only are talks moving along, but both CBS and Viacom have brought bankers in to help spec out a potential deal. Quoting the piece: “Bankers representing CBS Corp. and Viacom Inc. have begun to hammer out terms and management structure in their latest attempt to merge the two media properties controlled by Sumner Redstone’s National Amusements Inc. And if progress continues, a formal deal could be announced in the coming weeks that would finally merge the two sister companies, FOX Business Network has learned.
“Of course, the talks are fluid and they could hit a snag and breakdown, as they have over the three years that the merger of the outfits has been considered. Possible snafus could arise over who will be named chief executive officer of the combined companies, and how much shareholders of each company will receive in the newly combined entity, according to people with knowledge of the matter.”
Fox Business cited “sources familiar with the matter” when they named Lazard Group and Morgan Stanley Group as representing CBS and Viacom, respectively. However, they clarified that Lazard and Morgan Stanley would not comment.
Fox Business also noted that press officials from CBS, Viacom, and the parent company of both, National Amusements, declined to comment on a potential merger, but they would not deny the nature of the ongoing talks.
So...watch this space?