CBS gearing up for Viacom offer

Viacom president and CEO Bob Bakish

CBS is preparing to make a bid to purchase Viacom, a new report claims.

This news looks like it could be the final chapter in a long-running drama of an acquisition, with this being the third time in as many years that the companies have explored a merger.

According to a report in the Wall Street Journal CBS’ board of directors met on June 14 to discuss a potential remerger of the companies.

Full details are vague at this point, but Viacom CEO Bob Bakish is believed to be the frontrunner to be in charge of the combined organisation.

The companies split apart in 2006, though there have been numerous failed attempts in recent years to join together.

A merger was at its most likely in 2016, but it was indefinitely postponed in December by National Amusements, which owns 80% of Viacom and CBS voting shares.

The companies picked up discussions again in February 2018, but that broke down, resulting in CBS suing Sumner and Shari Redstone, the company’s majority owners.