CBS and Viacom exploring merger

CBS and Viacom exploring merger

CBS, the parent company of Simon & Schuster, is currently exploring a merger with media company Viacom.

Viacom and CBS used to be part of the same company but were split apart in 2005 by Sumner Redstone, the chairman of theatre company National Amusements which holds majority voting shares in each group.

It was announced last week that the boards of Viacom and CBS have formed a special committee to evaluate the potential merger.

The committee has retained independent legal counsel and independent financial advisors for the review.

CBS said in a statement: “There can be no assurance that this process will result in a transaction or on what terms any transaction may occur. Neither CBS nor the committee intends to comment further, until the process is completed."

Alongside Simon & Schuster, CBS owns TV networks including CBS Entertainment and Network 10, TV station CBS Television Stations, and TV production company CBS Television Studios.