CBS and Viacom, both controlled by the family of Sumner and Shari Redstone, have been discussing a merger and there have been reports that they hope to complete discussions by next week when both companies report earnings.
The two sides reportedly agreed to discuss operational issues before negotiating price.
The tentative agreement on management would have Bakish as CEO and CBS’s interim CEO Joe Ianniello taking on a new role running the company’s CBS-branded assets.
CBS’s CFO, Christina Spade would become the combined companies’ CFO.
Shari Redstone reportedly favors the combination, but is barred from discussing it directly under the terms of the settlement of a lawsuit last year.
A deal would give the combined company more scale to compete with larger competitors as TV enters the streaming era and being aligned with CBS’s broadcast network and sports franchises would give Viacom’s struggling cable networks more leverage with distributors.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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