CBS and Viacom are reportedly not yet ready to announce a merger – atleast not by Thursday when CBS reports its quarterly earnings.
According to a CNBC report, sources familiar with matter indicated that the media giants are still deliberating/negotiating on the exchange ratio for the merger. Speculations are rife that a deal could be announced in the coming days.
Shari Redstone, vice chairwoman of the board at CBS and Viacom, has suggested for a deal that boosts the combined company’s position in the media market and allow it to compete better with tech behemoths (including Amazon and Apple) for entertainment and sports rights, like the National Football League. CBS currently owns NFL broadcast rights until 2022 – it is apparently determined to do what it takes to renew them.
The merger, if goes through, is expected to see Viacom CEO Bob Bakish take over as CEO of the combined company, according to sources (as mentioned by CNBC).