Will Viacom and CBS Get Back Together?

Will Viacom and CBS Get Back Together?

According to the report, Shari Redstone, who is vice-chairwoman of both companies and president of National Amusements, which holds stakes in both, is "pursuing a merger".

According to a new report in The Wrap, Viacom Corporation (parent company of Paramount Pictures) and CBS Corporation are considering merging. He and his daughter attempted to merge the two in 2016, but the effort failed.

Viacom's stock closed at $39.10 today, up almost 10% over the previous day's closing price and continuing to rise in after-hours trading, while CBS's stock closed up 2% at $58.83.

CBS has become the country's most-watched network under Moonves, who's credited with identifying and nurturing such hits as "The Big Bang Theory", "NCIS" and "Bull".

"I was never a great proponent of the split of the two companies", she said at a media conference in November 2016.

Paramount's new chairman and CEO, Jim Gianopulos, who joined previous year, has been shaking up the studio's executive ranks in an effort to engineer a turnaround.

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CBS's main business is broadcasting, while Viacom owns popular channels like MTV.

Then last month, Rupert Murdoch's 21st Century Fox stunned the industry when it agreed to sell much of the company, including the 20th Century Fox movie and television studio, to the Walt Disney Co. If a deal does happen, it may take a while.

As word of possible talks between the two companies circulated around Wall Street late on Friday, Viacom shares spiked 9.6 percent, to $33.76.

"There have been talks about this - and many other things - at the board level", according to one person close to CBS. But as recently as past year, Shari Redstone said that a merger would have squashed Viacom's "momentum".

The stock movement is a significant pop for Viacom shares, which have been in a stable range but down a lot from a few years ago after the company has re-oriented itself after downturns at key cable networks.

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