CBS Corporation (NYSE: CBS) confirmed a merger agreement Tuesday with its sister company Viacom, Inc. (NASDAQ: VIAB). One of the biggest surprises from the details of the merger agreement: acting CEO Joe Ianniello will remain with the newly formed company and play a "significant role" in leading the CBS side of the business, New York Times corporate media reporter Ed Lee told CNBC Wednesday. The merger of CBS with Viacom is a "great triumph" for Shari Redstone and comes at an "incredible" time for the media industry given a slew of recent M&A deals, Jeff Sonnenfeld, the senior associate dean for leadership studies at the Yale School of Management, told CNBC. Lee said Redstone will likely be looking to acquire other media assets over a two- to three-year period. Even if she acquires a company like AMC Entertainment Holdings Inc (NYSE: AMC), the larger entity will be "more attractive overall," but won't be big on the same playing field as Netflix, he said.
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Aug 23, 2019