Viacom, CBS jump on report of new re-merger pursuit

Viacom, CBS jump on report of new re-merger pursuit

Viacom's stock closed at $39.10 today, up almost 10% over the previous day's closing price and continuing to rise in after-hours trading, while CBS's stock closed up 2% at $58.83. Viacom and CBS initially merged in 1999. Viacom retreated 2% late.

None of the parties involved are commenting on the record about potential merger talks, but shares of both CBS and Viacom have spiked based on the report. Such talk comes amid multiple deals around consolidation of traditional media companies over the previous year.

TrekMovie will report on any updates to this developing story.

This would not have been the first time a Redstone has pushed for a CBS-Viacom merger since they split over a decade ago.

Still, after-hours trading had Viacom's stock sink 2%, with subsequent reports refuting the initial news.

More news: Clashes with Israel wound over 200 Palestinians

A report that Shari Redstone is interested in recombining Viacom and CBS sent both stocks higher heading into Friday's close.

Viacom and CBS became separate operating companies in 2005.

But that was before Walt Disney ( DIS ) agreed to acquire 21st Century Fox ( FOXA ) entertainment assets.

Sources told TheWrap that Redstone believes that a larger company would be more competitive in the current media environment.

Viacom owns Comedy Central, MTV, Nickelodeon and more, with teen and children's programming heavily exposed to Netflix ( NFLX ) and other streaming options. In recent years CBS CEO Leslie Moonves has dismissed the idea of the companies re-merging, however according to the report he is now "open to the possibility", due to recent media company consolidation and Moonves being the most likely person to run the newly merged entity.

Related News:



Most liked

Putin says Kim Jong Un 'certainly won' latest standoff on nuclear weapons
North Korea tested an intercontinental ballistic missile that demonstrated the theoretical range of hitting anywhere in the U.S. North Korean officials have confirmed that the offer was made, per The Independent , but a resolution has not yet been reached.

Liverpool v Manchester City: Combined XI based on form and fitness
Liverpool FC finished in fourth place in the Premier League table last season in what was Klopp's first full campaign in charge. Two of the Premier League's most feared attacking forces will go head-to-head this weekend as Liverpool host Manchester City .

United Kingdom launches 25-year plastic waste plan
May unveiled the news as part of a "national plan of action" in which a new environmental agenda is set to take centre stage. He said that the plan "rightly places our environment at the heart of government strategy".

US Seeks to Interdict North Korean Shipping
The possible measures include maritime interdiction to stop and inspect boats carrying goods to North Korea . It is unclear whether Pyongyang has also initiated conversations with the United States.

LG's 8K Prototype Is Future Of TV
Measuring in at a world-first 88 inches, the television is more of a technological showcase than a commercial product for now. Even if you were to pick up LG's very big display for a not-so-insignificant price, you'll be upscaling 4K content at best.

Intel's Meltdown and Spectre patches are causing reboot issues in older chips
There are important roles for everyone: Timely adoption of software and firmware patches by consumers and system manufacturers is critical.

Stocks to Track: Boston Scientific Corporation (BSX), Facebook, Inc. (FB)
The medical equipment provider reported $0.31 earnings per share for the quarter, meeting the consensus estimate of $0.31. The Teacher Retirement System Of Texas holds 226,959 shares with $29.19 million value, up from 99,847 last quarter.

Trump's Vulgar Comments Dismay Maine's Congressional Delegation
Besides, at this point, you probably couldn't find anyone who would want to emigrate from Norway. To no surprise, the president started tweeting this morning denying that he used those words.

Walt Disney Co (DIS) Position Trimmed by Osborne Partners Capital Management LLC
It dropped, as 90 investors sold DIS shares while 649 reduced holdings. 121 funds opened positions while 587 raised stakes. Tortoise Investment Management LLC grew its position in shares of Walt Disney by 0.6% during the second quarter.

Bing Predicts: NFL Playoffs Divisional Round
The Steelers are favored by many to win this game but lets not forget that the Jaguars beat the Steelers 30 to 9 on October 8th. Roethlisberger was intercepted five times in that game and the Steelers will look to establish running back Le'Veon Bell early.

Girl Scout cookie sales begin February 2
Hundreds of boxes of cookies were distributed Friday to get ready for Girl Scouts to sell. The contest runs from February 2 to March 9.

Schooner Investment Group LLC. Has $219000 Position in Mondelez International, Inc. (MDLZ)
BidaskClub cut Mondelez International from a "sell" rating to a "strong sell" rating in a research report on Friday, January 5th. KeyCorp. (KEY) in the last quarter reported its actual EPS of $0.32/share where the analyst estimated EPS was $0.35/share.

Dissidia Final Fantasy NT Open Beta Download Now Available
Players don't need to be a PSN subscriber to get access to the beta, which will take place at three different times. So really there's no risk other than the amount of bandwidth that you must give up in order to play the game beta.

1 is Valero Energy Corp's (NYSE:VLO) Institutional Investor Sentiment
Ellington Mngmt Gru Limited Liability holds 0.31% of its portfolio in Valero Energy Corporation (NYSE:VLO) for 23,900 shares. Transamerica Financial Advisors Inc bought 23,666 shares as the company's stock declined 2.47% while stock markets rallied.

Black Panther "Warriors of Wakanda" Featurette
Fandango says the first 24 hours of advanced ticket sales beat the sales for " Captain America: Civil War ", thus setting a new bar for Marvel.