Fox Business Network

Fox Business Network 13 Aug 2019

CBS, Viacom reach agreement on merger: Report

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CBS Corp. and Viacom agreed to combine in an all-stock merger.


Chiney Ogwumike breaks down the WNBA and the players reaching a tentative agreement on an 8-year Collective Bargaining Agreement.
#SCwithSVP #WNBA
CBS News' Major Garrett discusses his reporting referenced Friday by Rep. Adam Schiff during President Trump's impeachment trial.
House Speaker Nancy Pelosi on Tuesday announced agreement on a modified North American trade pact, handing President Donald Trump a major win on the same day that Democrats announced their impeachment charges against him. (Dec. 10)
The United States and China have reached a limited trade agreement.
The Trump administration has called off new tariffs due to start on Sunday and will reduce existing levies.
In return, China will buy more American farm products and ease rules for US companies accessing Chinese markets.

Al Jazeera's Katrina Yu reports from Jiangsu province on the likely effect on one Chinese manufacturing hub.

… show captions ↓
CHARLES: FOLKS, THIS STOCK HAS
GONE UP FOR SOME TIME BUT IT
LOOKS LIKE IT IS BEGINNING TO
WRAP UP BECAUSE WE NOW HAVE
BREAKING NEWS, SENDING SHARES OF
CBS AND VIACOM, BOTH ON YOUR
SCREEN MUCH HIGHER.
THE TWO MEDIA COMPANIES
REPORTEDLY REACHED AN AGREEMENT
ON THE MERGER DEAL THAT HAD BEEN
IN AND OUT OF THE WORKS A LONG
TIME.
THERE WERE POLITICAL PROBLEMS
THERE.
THERE WERE PERSONALITY CLASHES
THERE.
THERE WERE A WHOLE LOT OF ISSUES
THAT KEPT THEM APART.
IN A WORLD OF INCREASING MEDIA
MERGERS, TO COMPETE IN THE NEW
WORLD THIS PROBABLY HAD TO GET
DONE.
THE QUESTION AT ONE POINT WERE
INSURMOUNTABLE OBSTACLES
APPARENTLY HAVE BEEN IRONED OUT.
AS YOU CAN SEE CBS SHARES UP
50 CENTS.
MORE THAN A PERCENTAGE POINT.
SO ARE VIACOM SHARES.
ALL EYES WHERE DO WE GO FROM
HERE?
WHERE DO THE MERGED COMPANIES GO
FROM HERE?
WHERE DO THEY COMPETE IN A WORLD
WHERE CONTENT IS KING AND
DELIVERING CONTENT IS KING?
A YEAR AGO, ESPN WAS A WINNER.
NOW MAYBE THEY'RE NOT THE
WINNERS.
TAKE IT TO CHARLIE GASPARINO.
HE HAS BEEN ON TOP OF THIS MORE
THAN ANYONE ELSE.
CHARLIE, GIVE US SOME OF THE
DETAILS, PLEASE.
>> WE WERE AHEAD OF THE STORY AS
WE'VE BEEN ON THE SPRINT
T-MOBILE.
IT'S A COMBINED COMPANY.
CBS IS TECHNICALLY THE LARGER
COMPANY HERE.
SO TECHNICALLY CBS TAKING OVER
VIACOM BUT HERE IS THE
INTERESTING THING, THEY ARE
SPINNING THIS AS A MERGER OF
EQUALS AND ONE OF THE REASONS
WHY THEY'RE DOING IT, VIACOM
CHIEF BOB BAKISH WILL BE THE CEO
OF THE COMBINED COMPANY.
THE COMBINED COMPANY WILL BE
CALL VIACOM, CBS.
INTERESTING SINCE CBS IS THE
BIGGER ENTITY.
HERE IS A BIGGER THING, THEY
MADE A POINT IN THE PRESS
RELEASE, JOE IANNIELLO, HEAD OF
CBS WILL BE THE NEW CEO CHAIRMAN
OF CBS AND CHAIRMAN AS WELL.
ONE OF THE HICCUPS IN
NEGOTIATIONS, IT DELAYED THINGS
PAST YESTERDAY, MONDAY WAS
SUPPOSED TO BE THE ANNOUNCEMENT,
LOCKING DOWN JOE IANNIELLO
LOCKING DOWN A DEAL HE WOULD
STAY LONGER THAN HIS CONTRACT
WHICH ENDS AT THE END OF THIS
YEAR.
IT WILL BE INTERESTING TO SEE
HOW LONG JOE STAYS WITH THE
COMPANY.
IN THE PRESS RELEASE I DON'T SEE
IT.
I'VE DONE A CURE -- CONSIDERS
READ OF THIS THING.
IS JOE IANNIELLO STAYING LONGER
AND HOW MUCH DO THEY PAY HIM?
REMEMBER HE HAD A LUCRATIVE
CONTRACT TO LEAVE AT THE END OF
THIS YEAR BECAUSE HE WAS NOT
GETTING THE CEO JOB AS IT WAS
CLEAR AS WE REPORTED ON FOX
BUSINESS, BAKISH CONSIDERING HIS
RELATIONSHIP WITH CEO.
HE DID A GREAT JOB RUNNING
VIACOM AFTER THE OUSTER OF
PHILLIPE DAUMAN BECOMING HEAD OF
THE PRIOR COMPANY.
THE DEAL IS DONE.
THANK GOD WE DON'T HAVE TO TALK
ABOUT THIS FOR A COUPLE DAYS.
IT IS REAL INTERESTING, CHARLES,
HERE IS THE THING, PEOPLE ARE
GIVING ME A WRAP, LET ME MAKE
THE ONE POINT.
CBS AND VIACOM TOGETHER IS A
30 BILLION-DOLLAR COMPANY.
THINK ABOUT IT THIS WAY, AT&T
WHICH CONTROLS WARNER MEDIA,
FORMERLY OF TIME WARNER IS
SOMETHING LIKE A
250 BILLION-DOLLAR COMPANY.
DESPITE THE MARQUEE NAMES,
NICKELODEON, VIACOM, CBS THIS IS
STILL A SMALL COMPANY IN THE
MEDIA LANDSCAPE.
A LOT OF PEOPLE THINK THEY WILL
BE BOUGHT IN THE FUTURE.
NO OTHER WAY TO COMPETE OUT

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