CBS Corp. and Viacom agreed to combine in an all-stock merger.
CBS is reportedly preparing an offer to buy Viacom. It is the third time in four years they've explored the idea of a merger. The two companies split 13 years ago. RT America's Sara Montes de Oca reports for News.Views.Hughes. President Trump's lawyer says an agreement has been reached with the House Intelligence and Financial Services committees on the subpoenas over the president's financial records. ViacomCBS Inc will offer more than 14,000 TV episodes and more than 3,600 movies with a combined revenue of more than $28 billion. The US and China held abbreviated trade talks in Washington that failed to result in an anticipated agreement to end the trade war. Instead, Chinese negotiators take back a hardened stance from President Trump, who has ordered additional tariffs on all Chinese imports.
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