Fox Business Network

Fox Business Network 12 Aug 2019

CBS-Viacom deal reportedly close to being finalized

Description:

FBN's Charlie Gasparino with the latest on the CBS-Viacom merger talks.


Three people close to the U.S.-Mexico-Canada Agreement say the deal is close to being finalized.
Deputy Prime Minister Chrystia Freeland is headed to Mexico City as the revised North American free trade agreement may be close to being ratified by the U.S. Congress. Reports suggest congressional Democrats may be satisfied with the text of changes proposed by Donald Trump's trade representative.
Viacom and CBS Corp. are again joining forces to bolster their positions in a rapidly changing industry that's pushing other media companies to bulk up. The two first merged in 1999 and broke apart in 2005. Now, they are ViacomCBS, with a collection of cable channels, broadcast networks and film and publishing divisions.
President Trump is expected to agree to a deal with China that could bring some relief from the effects of a 17-month-long trade war. The deal, "phase one" of a broader trade agreement, would suspend a fresh round of tariffs on $160 billion of Chinese imports that were set to begin Sunday. CBS News' Weijia Jiang joins CBSN AM with details from the White House.

… show captions ↓
NEIL: ALL RIGHT.
THE MEDIA STOCKS IN PLAY, CBS
VIACOM, WHETHER SOMETHING
HAPPENS ANYTIME SOON ANYONE'S
GUESS BUT ONE GUY WHO WOULD KNOW
IS CHARLIE GASPARINO.
WHAT IS GOING ON?
>> IT IS HAPPENING.
I THINK IT WILL HAPPEN AFTER THE
CLOSING BELL TODAY, MAYBE
TOMORROW MORNING.
SOMETIMES IT BLEEDS INTO THE
NEXT DAY BECAUSE YOU GOT DONE
WITH IT REALLY LATE TODAY, DOT
THE Is, CROSS THE Ts.
MANAGEMENT STRUCTURE, BOB BAKISH
CEO, GUARANTEED.
JOE IANNIELLO FROM CBS.
HE WILL BE REPORTING TO BOB
BAKISH.
IT IS NOT AS MUCH -- THEY WANT
TO KEEP HIM AT THE COMPANY
BECAUSE HE DOES A GOOD JOB, LIKE
OTHER UNIT HEADS HE WILL BE
REPORTING TO BAKISH, EVEN THOUGH
CBS WILL BE BIGGEST UNIT.
NEIL: WHAT IS THE HANGUP?
>> NORMAL DEAL STUFF.
WE THINK IT HAPPENS OVERNIGHT.
I HAVE BEEN THROUGH, THROUGH
T-MOBILE, SPRINT LOOKS LIKE TO
ABOUT TO HAPPEN A LITTLE THING
HAPPENED HERE, YOU HAVE TO GO
THROUGH THE WHOLE THING AGAIN,
LAWYERS LOOK OVER EVERYTHING
ELSE, BARRING THEM FINDING SOME
SLUSH FUND INSIDE OF CBS, WHICH
CAUSES, LIKE SOME SORT OF A HUGE
PROBLEM, THIS THING IS GETTING
DONE EITHER AFTER THE BELL
TODAY, MY GUESS, OR, BEFORE THE
OPENING BELL TOMORROW.
AND IT WILL BE PRETTY BIG.
SHARI REDSTONE WILL HAVE
ACHIEVED WHAT SHE HAS BEEN
TRYING FOR YEARS TO ACHIEVE.
THAT IS MERGING TWO COMPANIES
TOGETHER.
PUTTING THE, REMEMBER, WHAT
HAPPENED WAS, THEY WERE TOGETHER
FOR YEARS, WHEN SUMNER HAD, WHEN
SUMNER REDSTONE WAS PUTTING
TOGETHER THE MEDIA EMPIRE.
HE BROKE THEM APART IN 2006,
BECAUSE DIFFERENT MEDIA
LANDSCAPE.
THEY WERE BOTH BIGGER COMPANIES
AT THE TIME.
NEIL: YEAH.
>> THEY WERE BOTH MAJOR PLAYERS
WITH, MAJOR MARKET CAPS IN MEDIA
BUSINESS.
SO YOU CAN SORT OF, YOU CAN
EXTRACT SOME CAPITAL TO MAKE
BOTH GROW, YOU KNOW, IN THAT
ENVIRONMENT.
SINCE THEN, AS WE KNOW, MEDIA
HAS BECOME CONSOLIDATED.
COSTS HAVE CHANGED.
YOU NEED TO ACHIEVE ECONOMIES OF
SCALE.
PUT IDEAS PUT THEM TOGETHER.
RESISTED BY CBS WHO THOUGHT
VIACOM WAS SECOND RATE OUTFIT.
LES MOONVES RESISTED.
THIS WE WERE FIRST TO REPORT IN
MARCH, WAS CLEAR LES WAS NOT
GETTING CONTRACT EXTENDED.
FOX BUSINESS BEAT
"THE WALL STREET JOURNAL" EASILY
ON EVERY MAJOR ASPECT OF THE
STORY, THIS THING WAS HAPPENING.
BOB BAKISH WOULD BE THE CEO.
SHARI REDSTONE WOULD BE, SHE
WOULD GET SOME ROLE IN THIS,
WILL BE INTERESTING, VICE-CHAIR
WOMAN.
BAKISH GETS THE CEO ROLE BECAUSE
HE IS VERY CLOSE WITH SHARI,
EVERYTHING YOU SAY ABOUT VIACOM
AS A PRODUCT HE HAS DONE A VERY
GOOD JOB SINCE TAKING OVER.
NEIL: THAT HELPS.
>> TAKING OVER FOR DAUMAN IN
2016.
PEOPLE HAVE BEEN REPORTING TO
HIM.
WE'LL SEE "AFTER THE BELL,"

Share Video:

Embed Video: