UPDATE: The CBS Viacom Merger is Dead
The board of directors of Viacom Inc. announced today that it has discontinued the exploration of a potential combination with CBS following receipt of National Amusements’ letter and request, and dissolved the special committee that was formed to evaluate a potential transaction. It has appointed Bob Bakish as president and chief executive officer and as a member of the board, effective immediately," the company said in a statement.
Well it looks like Interim Viacom boss Bob Bakish will become the permanent CEO following a decision by National Amusements, the parent company of both CBS and Viacom to withdraw the proposal that would have rejoined both companies. This is surely great news for CBS CEO Les Moonves who was wasn't warn to the idea of joining his company with the struggling Viacom. In statement, National Amusement said that it is convinced that both companies can thrive on their own. The decision to withdraw the merger proposal seems to be driven by Bob Bakish's aggressive forward looking approach to righting the Viacom ship. So we guess the next announcement will be to officially appoint Mr. Bakish as Viacom's new, permanent CEO.
UPDATE: The CBS Viacom Merger is Dead Reviewed by Editor on 10:44 AM Rating: