CBS and Viacom probably won’t be able to announce a combination by Thursday, when the two companies are scheduled to report quarterly earnings, according to a report.
Both media companies are controlled by the family of Sumner Redstone and his daughter Shari and there were reports that negotiators had set Thursday as a deadline for reaching a deal, which is reportedly favored by Shari Redstone.
But according to CNBC, while they are close to an agreement, the two sides are still negotiating how much of one companies stock will be exchanged for the other companies shares.
The two companies are not expected to answer questions about the merger on Thursday’s earnings conference calls with analysts, CNBC said.
Previously it was reported that the two companies had agreed on a management structure that would have Viacom CEO Bob Bakish running the combined company with CBS interim CEO Joe Ianniello in charge of the CBS-branded assets.
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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