have agreed to a price for their long-awaited merger and plan to formalize the deal with an announcement after the close of trading today, sources tell Deadline.
The “exchange ratio” — how many shares of each company will be traded in the all-stock translation — had been a major consideration in negotiations over recent days. The boards of each company have agreed to a ratio of 0.59625 shares of CBS stock for each full share of Viacom. People familiar with the talks confirmed the figure, which was initially reported by Bloomberg and Reuters.
The sources cautioned that final issues could delay or derail an agreement. Barring any complications, a formal announcement and conference call with investors would be held Tuesday afternoon. CBS’ stock is up nearly 3% in trading today while Viacom was more than 1% as part of a broader market upswing. The stocks of both companies had declined Monday.The reunification plan comes after three years of start-and-stop negotiations. The companies operated under the same corporate roof from 2000-2006., head of National Amusements, the controlling shareholder of CBS and Viacom.
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