August 13, 2019 / 6:20 PM / 9 days ago

CBS, Viacom agree to merge in all-stock deal

FILE PHOTO: The Viacom office is seen in Hollywood, Los Angeles, California, April 24, 2018. REUTERS/Lucy Nicholson/File Photo

(Reuters) - CBS Corp (CBS.N) and Viacom Inc (VIAB.O) agreed to merge on Tuesday, creating a company with more than $28 billion in revenue, as an increasingly competitive media landscape prompted their controlling shareholder to reunify the U.S. entertainment companies 13 years after breaking them up.

Each Viacom Class A voting share and Viacom Class B non-voting share will convert into 0.59625 of a Class A voting share and Class B non-voting share of CBS, respectively, the companies said.

The two companies are controlled by National Amusements Inc, the holding company owned by billionaire Sumner Redstone and his family.

Reporting by Supantha Mukherjee in Bengaluru and Helen Coster in New York; Editing by Saumyadeb Chakrabarty

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