ABOVE VIDEO: CBS, Viacom agree to combine.
(FOX BUSINESS) – The boards of CBS Corp. and Viacom Inc. said Tuesday they reached a definitive agreement on their long-awaited merger, which will form a $28 billion entertainment company controlled by the Redstone family’s National Amusements Inc.
Both companies had worked over the weekend in an attempt to announce the merger on Monday, but two outstanding issues had delayed any official announcement.
First, the companies needed to reach a firm agreement on the price to take into account that CBS, with a market value of $18 billion, will technically be taking over the smaller Viacom, with a market value of around $12 billion.
Under the terms of the deal, each Viacom share will be worth 0.59625 shares, these people say.
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