The CBS-Viacom merger … Viacom Inc. and Paramount Communications Inc. solemnized their vows Sunday, with the two boards approving a merger agreement that gives Viacom Chairman Sumner M. Redstone an astounding 69% of the voting stock: a degree of control seemingly unparalleled for a publicly held entertainment conglomerate. With new shares being issued, the combined company will have a market value of $18 billion (including debt), based on Friday’s closing stock prices, which rose on rumors of merger talks. Dezember 2019 gegründet, die aus der Teilung der ersten Viacom im Jahr 2005 hervorgegangen ist.
There followed five months of on-again, off-again talks, which collapsed in early July, then again in late August. Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions. In California Trump Country, supporters struggling to process the president having COVID-19. In conservative Placer County, Trump supporters say they are disheartened by liberals’ apparent glee after Trump tests positive for COVID-19. Viacom owns the cable television channels MTV, Nickelodeon and VH1, in addition to the Showtime movie channel. Paramount closed at $61.125 on the New York Stock Exchange. On May 30, 2019, CNBC reported that CBS and Viacom would explore merger discussions in mid-June 2019. ViacomCBS Inc. (Nasdaq: VIACA, VIAC) (“ViacomCBS”) today announced the completion of the merger between CBS Corporation and Viacom Inc. The transaction still requires approval of Paramount shareholders.
CBS and Viacom are finally, really, back to together. Certain “lockup” provisions in the acquisition are designed to discourage any attempts to break up the merger, which could close within four months.
Enter Robert F. Greenhill, former president of Morgan Stanley Group. Indeed, Hollywood and Wall Street have buzzed with speculation that Paramount finally acceded to the Viacom deal because it was worried that Diller or his ally, Tele-Communications Inc. Chief Executive John Malone, might launch an unfriendly takeover. Das Unternehmen wurde durch den Zusammenschluss der CBS Corporation und der zweiten Inkarnation von Viacom am 4. When Davis was a young Paramount studio executive, he met Redstone first as a drive-in movie theater operator, then as the chairman of a Paramount shareholders committee that successfully fought off a takeover bid from an investor group led by Herbert Siegel (today, the chairman of Chris-Craft Industries). The combined company, which is renamed ViacomCBS, creates a premium content powerhouse with global scale, including leadership positions in markets across the U.S., Europe, Latin America and Asia. The two executives added that Paramount executives will not be cashing out on the transaction because they will roll over their stock options into the new company. “I think Martin has seen this for a long time,” he added, “but I had to drag him to the altar.”. While each company is already a power in its own right, the merger would create a more viable force on a field increasingly ruled by giants like Time Warner, Sony and Capital Cities/ ABC. For each Paramount share, Viacom will issue 0.1 of its Class A (voting) stock and 0.9 Class B stock, as well as $9.10 in cash. A Lock-Up Provision. As the deal is structured, for each of Paramount's 120 million shares, Viacom will pay 0.1 share of its class A voting stock and 0.9 share of its class B nonvoting stock, as well as $9 a share in cash, making the cash component roughly $1 billion. In March, shortly before Greenhill moved to Smith Barney Shearson as chairman and chief executive, he arranged a dinner for Davis and Redstone, and quickly identified “two very simple things,” the investment banker recounted Sunday: No deal would ever happen unless Redstone emerged as the controlling shareholder and agreed to “pay the right premium” for Paramount’s shares. Paramount Communications Inc. and Viacom Inc. are expected to announce a deal today in which Viacom will acquire Paramount for $69 a share in stock and cash. Under the terms of the definitive merger agreement announced Sunday, Paramount shareholders will receive about $69.14 per share in cash and stock. Redstone bided his time and saw Viacom grow exponentially with its MTV and Nickelodeon cable TV networks, outstripping Paramount’s value on Wall Street. Here’s a guy who inherited a bunch of drive-in theaters around Boston and now he’s chairman and has voting control of what’s arguably one of the greatest entertainment powers in the world,” said Gordon Crawford, a senior vice president of Los Angeles-based Capital Research Co., which holds about 8% of Paramount and nearly 2% of Viacom. How out-of-work strippers made their show virtual and are ‘taking the power back’. The Viacom stocks closed respectively on Friday at $66, and $59.375, on the American Stock Exchange. The company says they are rebranding CBS All Access as Paramount+ as a result of the merger of CBS and Viacom last year. In a joint interview, Redstone and Davis acknowledged merger talks dating back at least four years. One media executive, not involved with the deal, said such provisions have triggered shareholder lawsuits in the past. For the strong-willed Redstone, that was an unpalatable concept.
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