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CBS, Viacom agree to merge in all-stock deal

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CBS, Viacom agree to merge in all-stock deal
FILE PHOTO: The CBS broadcasting logo is seen outside the CBS Broadcast Center in Manhattan, New York, U.S., July 30, 2018. REUTERS/Shannon Stapleton/File Photo   -   Copyright  Shannon Stapleton(Reuters)
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(Reuters) – CBS Corp <CBS.N> and Viacom Inc <VIAB.O> agreed to merge on Tuesday, creating a company with more than $28 billion (£23.2 billion) in revenue, as an increasingly competitive media landscape prompted their controlling shareholder to reunify the U.S. entertainment companies 13 years after breaking them up.

Each Viacom Class A voting share and Viacom Class B non-voting share will convert into 0.59625 of a Class A voting share and Class B non-voting share of CBS, respectively, the companies said.

The two companies are controlled by National Amusements Inc, the holding company owned by billionaire Sumner Redstone and his family.

(Reporting by Supantha Mukherjee in Bengaluru and Helen Coster in New York; Editing by Saumyadeb Chakrabarty)

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