CBS and Viacom are expected to begin seriously discussing a merger after tomorrow's board meeting. The companies must agree on a number of leadership questions to get a deal done.
are expected to begin seriously discussing a merger next week, culminating months of speculation about an eventual combination, according to people familiar with the matter.
CBS and Viacom know each other well, which could speed along discussions over the next few weeks about an exchange ratio, board composition and management leadership positions.Bob Bakish, the Viacom CEO, is expected to be the head of a combined company, said the people. In a typical deal, the combined company would pick a CEO then let that person fill out the rest of the management team.
The CBS board particularly wants David Nevins, who was named CBS's new chief creative officer in 2018, to get a high-profile job in the new regime, said the people. Further, the CBS board is bracing for a possible shareholder lawsuit if a deal is consummated. Some members of the board are worried that paying a premium for Viacom and taking its CEO will be seen as overpaying for an underperforming company, one of the people said. Viacom shares are down about 58 percent over the past five years.
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