CBS and Viacom now plan to merge as soon as early December, the two media companies said Monday, setting in motion the last steps to yet another consolidation in the traditional media sector.
The two companies, which will be known as ViacomCBS once the deal is complete, said the pact had secured the approval of National Amusements Inc., the movie-exhibition chain controlled by the Redstone family that holds the majority of voting stock in both concerns.
Shari Redstone, daughter of media entrepreneur Sumner Redstone, will oversee the businesses.
More to come…
This article was originally published by Variety.com. Read the original article here.