Updated with staff memo. Viacom and CBS shares perked up Wednesday, each rising more than 3% in their final day of trading as separate companies.
The media companies’ all-stock merger took effect after the closing bell. Shares in ViacomCBS will begin trading Thursday morning on the Nasdaq.
CBS stock closed at $40.68 on nearly triple its average trading volume. Viacom finished at $24.22 on six times normal volume.
The reunion of the companies — which operated under the same corporate tent from 2000 to 2006 — finally reached fruition after two previous rounds of formal merger talks collapsed. The merged company, whose market value will be about $25 billion, will be one-tenth of the size of Disney and Comcast, let alone tech giants with trillion-dollar valuations.
Despite that size differential, ViacomCBS chairman Shari Redstone has insisted the company has potent enough assets to make a strong go of it. “We absolutely have enough scale,” she said last month...
The media companies’ all-stock merger took effect after the closing bell. Shares in ViacomCBS will begin trading Thursday morning on the Nasdaq.
CBS stock closed at $40.68 on nearly triple its average trading volume. Viacom finished at $24.22 on six times normal volume.
The reunion of the companies — which operated under the same corporate tent from 2000 to 2006 — finally reached fruition after two previous rounds of formal merger talks collapsed. The merged company, whose market value will be about $25 billion, will be one-tenth of the size of Disney and Comcast, let alone tech giants with trillion-dollar valuations.
Despite that size differential, ViacomCBS chairman Shari Redstone has insisted the company has potent enough assets to make a strong go of it. “We absolutely have enough scale,” she said last month...
- 12/4/2019
- by Dade Hayes
- Deadline Film + TV
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