Viacom, CBS shares spike after report Shari Redstone pursuing merge of companies

Viacom, CBS shares spike after report Shari Redstone pursuing merge of companies

Viacom kept control of most of the cable TV channels (such as MTV, Nickelodeon, and Comedy Central) as well as Paramount Pictures. "Shares of both companies soared after the media website TheWrap reported Redstone is pursuing a combination of Viacom and CBS". CBS is the most-watched broadcast network by catering to an older audience that is most likely to watch traditional TV as opposed to Netflix or mobile viewing.

The two companies split in 2005, six years after they had merged. The two companies underwent a rigorous review before calling things off in 2016. But in the after-hours session, Viacom shares fell about 2 percent.

But Viacom shut down talks later that year, after the younger Redstone pulled the plug on the proposal, supporting then-new Viacom chief Bob Bakish and telling Recode last year that there was better value in CBS and Viacom remaining separate. Key Viacom cable channels continue to struggle with ratings declines and accelerated cord cutting.

Paramount's new chairman and CEO, Jim Gianopulos, who joined a year ago, has been shaking up the studio's executive ranks in an effort to engineer a turnaround.

But soon after, CNBC that said the two media companies are not in active merger talks, citing multiple reports.

AK Steel Holding Corporation (AKS), Pain Therapeutics Inc. (PTIE)
Separate data, meanwhile, showed that wholesale inventories rose by 0.8% in November, surpassing estimates for a gain of 0.7%. Is CenturyLink, Inc. (NYSE:CTL) Cheap From Peers? Shell Asset Communication accumulated 206,767 shares or 0.49% of the stock.

Janus Henderson Group PLC Acquires 3841 Shares of IPG Photonics Corporation (IPGP)
It is positive, as 53 investors sold CMCSA shares while 517 reduced holdings. 33 funds opened positions while 79 raised stakes. The company has a market cap of $13,900.00, a PE ratio of 37.98, a price-to-earnings-growth ratio of 2.65 and a beta of 1.71.

Prudential Financial Inc. Has $724000 Position in Sprint Corp (S)
The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link . Also, insider Roger Sole-Rafols sold 49,844 shares of the firm's stock in a transaction dated Wednesday, November 16th.

Telecommunications giant AT&T is trying to buy Time Warner Inc., which owns HBO, CNN, TBS and the Warner Bros. movie and television studio. Viacom and CBS initially merged in 1999.

But that was before Walt Disney ( DIS ) agreed to acquire 21st Century Fox ( FOXA ) entertainment assets.

People close to the companies quickly cautioned that there was no timetable for a deal, or even if one would happen.

Viacom's stock closed at $39.10 today, up almost 10% over the previous day's closing price and continuing to rise in after-hours trading, while CBS's stock closed up 2% at $58.83. CBS closed at $58.83, up 1.85%.

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