The merger of CBS and Viacom, which seemed like a foregone conclusion for much of the year, is instead on hold—perhaps permanently.
The rumors floating around all year that CBS Corp. and Viacom might recombine 10 years after they split apart are no longer just rumors: National Amusements has sent a letter to both boards, asking them to consider a merger in what would be an all-stock deal.
Viacom's infighting is finally over. Now it's time for the company's real work to begin. After months of battling over the future of Viacom, Sumner Redstone has officially prevailed over Philippe Dauman, who has resigned as president and CEO of Viacom.
After taking weeks to line up all his pieces in his battle with Viacom CEO Philippe Dauman, Sumner Redstone has finally made his big move to regain control of his company.
In his first public comments since his public battle with Viacom founder and chairman emeritus Sumner Redstone over the company's future, Viacom executive chairman and CEO Philippe Dauman said the company is staying focused on business and has already completed half of its upfront sales.
As Hollywood-related civil wars go this summer, Captain America and Iron Man have got nothing on Sumner Redstone and Philippe Dauman, who are engaged in a public, bitter battle over the future of Viacom.
Just 48 hours ago, Sumner Redstone was the executive chairman of both CBS Corp. and Viacom. But now, he has been replaced at both companies.
Les Moonves, CBS Corp.'s CEO and president, has been named chairman of the company. He replaces the ailing Sumner Redstone, who resigned Tuesday as executive chairman but will remain as chairman emeritus.
Cablevision, which is suing Viacom for illegally bundling its networks, on Thursday released a heavily-redacted version of its complaint against the cable conglomerate, which includes the charge that Viacom threatened to impose a fine in excess of $1 billion if Cablevisio
Here is a tale designed to stress out even the most unflappable investor: once upon a time, there was a cable conglomerate with some major ratings problems.