BREAKING NEWS

CBS and Viacom to close merger on Dec. 4

CBS and Viacom to close merger on Dec. 4
FILE PHOTO: The CBS "eye" and logo are seen outside the CBS Broadcast Center on West 57th St. in Manhattan, New York, U.S., April 29, 2016. REUTERS/Brendan McDermid/File Photo -
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Brendan McDermid(Reuters)
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(Reuters) – The all-stock merger of CBS Corp <CBS.N> and Viacom Inc <VIAB.O> is expected to close on Dec. 4, the companies said on Monday.

Shares of the combined company, which would be renamed as ViacomCBS Inc, are expected to start trading on Nasdaq from Dec.5 under the new ticker symbols “VIACA” and “VIAC”, the companies said.

Earlier in August, CBS and Viacom agreed to merge, creating a company with more than $28 billion (21.7 billion pounds) 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.

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

(Reporting by Amal S in Bengaluru; Editing by Rashmi Aich)

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