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03 February 2018, 07:19 | Mandy Simon
Shari Redstone part of the Sumner Redstone clan is advocating a merger of Viacom and CBS
A CBS-Viacom reunion is officially back on the table.
CBS and Viacom have formed special committees to evaluate a potential merger between the two media companies, both of which are controlled by the Redstone family. In the year since, Mr. Bakish has worked to revive the company by reinvigorating MTV, Comedy Central and other Viacom TV networks for the digital age, bringing growth to the Paramount Pictures studios and expanding the company's global footprint.
The combination of the two United States media giants would restore the single company structure that existed between 2000 and 2006. She has been promoting the idea of a merger, believing the combined companies will be better able to combat a myriad of challenges facing the media industry.
There was newfound buzz about the possibility three weeks ago when TheWrap reported that Shari Redstone "is pursuing a merger".
The announcements after the closing bell lifted the stocks of both companies.
CBS and Viacom studies a combination previous year but decided not to move forward.
However, the companies cautioned investors that no assurance can be given that a transaction between the two will occur, and the independent boards and shareholders of both companies' would have to approve the deal.
UBS analyst John Hodulik estimated that a deal between CBS and Viacom would be 15% accretive to earnings per share and free cash flow if it's an at-market deal with around $500 million in cost synergies.
The move opens the potential to rejoin two companies that were split in 2006, combining CBS with Viacom's networks which include Nickelodeon, MTV, BET and Comedy Central.
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