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CBS board plans merger talks with Viacom: CNBC

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CBS Corp's board is preparing for merger talks with Viacom Inc, CNBC reported ...

REUTERS: CBS Corp's board is preparing for merger talks with media company Viacom Inc, CNBC reported on Thursday, citing sources.

The merger talks between the two companies are expected to start in mid-June, the report said, adding that the companies have not yet held discussions.Shares of both companies were up about 4per cent in early trading on Thursday after the report. While media majors Walt Disney Co and AT&T Inc are tapping into their extensive film and TV libraries to launch streaming rivals to Netflix and Amazon.com's Prime Video, smaller players CBS and sister company Viacom are focusing on providing original content to other distributors.

Reuters had reported in May that Lions Gates Entertainment also offered to sell cable channel Starz to CBS for US$5.5 billion after rebuffing a lower offer.CBS and Viacom are controlled by National Amusements, which is owned by the Redstone family.

 

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