CBS and Viacom Shares Drop as Merger Talks Drag On

Shares of CBS and Viacom were dented in trading Monday as investors awaited news of a merger agreement between the two media companies controlled by the Redstone family. Viacom shares fell 5% to close at $28.53. CBS shares slipped 2% to close at $47.91 on what was a down day for the major indices overall. [...]Big Machine Label Group President/CEO Scott Borchetta announced today that Clay Hunnicutt has been named General Manager of the Big Machine Records imprint.

]Board members of CBS and Viacom worked most of the weekend in an effort to reach a long-awaited merger agreement for the two halves of the Redstone media empire. Sources close to the situation said the sides have made progress since Friday in hashing out some of the final details in the tie-up between the [...

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