National Amusements, the holding company controlled by the Redstone family, has voted to approve the merger of Viacom and CBS. National Amusements controls a majority of CBS and Viacom shares, paving the way for the deal to close.
Viacom and CBS also said in a statement late Monday that the merger “is now expected to close by early December.” Until this point, company executives had said they hoped the deal would close by the end of the year.Once the deal closes, CBS will delist its shares from the New York Stock Exchange, with the new company, ViacomCBS, trading on the Nasdaq under the symbols VIAC and VIACA.
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