BREAKING NEWS : Fort Wayne woman arrested in Eileen St. shooting following arrest in Van Wert County Full Story
BREAKING NEWS : Coroner identifies Fort Wayne man killed in crash on Paulding Road Full Story
STREAMING NOW: Watch Now

CBS makes bid for Viacom

Viacom and CBS have been dancing around each other for years. Now their reunion might actually happen.CBS offe...

Posted: Apr 4, 2018 11:29 AM
Updated: Apr 4, 2018 11:29 AM

Viacom and CBS have been dancing around each other for years. Now their reunion might actually happen.

CBS offered to buy the cable TV and film company, according to a person familiar with the matter.

A deal would bring the two media companies back together more than a decade after they separated.

But it's not exactly a marriage of equals. At the time the bid was submitted, it valued Viacom at less than its market value, and CBS wants its CEO and chairman Les Moonves to lead the new company, the person said.

Viacom is best known for its cable channels, including MTV and Nickelodeon, and movie studio Paramount. CBS controls the CBS broadcast network, Showtime and streaming network CBS All Access.

The Redstone family, led by media mogul Sumner Redstone, controls roughly 80% of the voting shares of both companies. The Redstones have toyed with the idea of bringing their companies back together before. The last significant attempt failed in 2016.

Related: CBS and Viacom explore a merger

The latest bid isn't exactly shocking, either.

"I think this merger is all about trying to keep up with Disney and the changing media landscape," said Jason Schloetzer, a Georgetown University business professor who studies corporate governance.

Big media mergers have grown more popular in recent years as internet and tech companies like Facebook, Amazon and Netflix upend the industry.

Disney, for example, said late last year that it would buy most of 21st Century Fox for about $52 billion. And AT&T and Time Warner - the parent company of Warner Bros., HBO and CNN -- are fighting the US government in court over their potential combination.

CBS and Viacom are in a unique position because of their history together, Schloetzer added.

The two companies used to be one until they broke apart in 2006.

Related: CBS thrives despite Sumner Redstone's Viacom turmoil

Redstone split CBS and Viacom in part to allow Moonves and former Viacom executive Tom Freston to each become CEO of the respective companies, instead of choosing one of them to run the whole company. He fired Freston less than a year later.

At the time of the split, Viacom was widely expected to be the faster-growing company. CBS, led by Moonves, is now the stronger of the two businesses, bolstered in part by its strong programming lineup.

CBS has also carved out some success in streaming, a market that is dominated by relative newcomers like Netflix. Its two streaming services, CBS All Access and Showtime, have a combined 5 million subscribers.

Meanwhile, Viacom -- which owns the Paramount film studio in addition to its cable channels - has struggled.

Brian Wieser, an analyst with Pivotal Research, said Viacom's weaknesses aren't much of a surprise.

"They haven't really established many zeitgeist-changing programs or content," he said.

Wieser added that a CBS merger could inject some life into Viacom, though at the cost of heavy investment. He said the success of the deal might ultimately come down to how much incentive Moonves would have to turn Viacom around if he's put in charge.

"He's spent so long fine-tuning CBS into the machine that he wants it to be," Wieser said. Making Viacom a success, though, is a very different job.

Moonves has held several top-level executive positions within both CBS and Viacom since the 1990s, and he has run CBS during the entirety of its recent run as an independent company.

Viacom is now run by longtime company executive Bob Bakish, who has held the CEO title since 2016. His rise followed the high-profile exit of Viacom CEO Philippe Dauman, who was forced out that year by Sumner Redstone's daughter, Shari Redstone.

Sumner Redstone is in very poor health. He is 94 and can no longer speak, according to multiple media reports. In 2016, Redstone was the victor in a prolonged court battle, winning control over Viacom.

CBS stock closed Tuesday at $52.86, up about 4.2%. Viacom's stock, valued at $29.42 per share, was down more than 3%.

--CNNMoney's Brian Stelter and Brian Lowry contributed to this report.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 751526

Reported Deaths: 13799
CountyCasesDeaths
Marion1033281788
Lake557151010
Allen41710692
St. Joseph36998565
Hamilton36604417
Elkhart29413461
Tippecanoe22914227
Vanderburgh22559400
Porter19359326
Johnson18477389
Hendricks17689317
Clark13228195
Madison13158344
Vigo12625253
LaPorte12420221
Monroe12211176
Delaware10968198
Howard10337225
Kosciusko9630121
Hancock8577147
Bartholomew8172157
Warrick7860156
Floyd7812180
Grant7242179
Wayne7162201
Boone6972103
Morgan6765141
Dubois6221118
Marshall6211116
Cass6017110
Henry5902110
Dearborn589878
Noble581688
Jackson509176
Shelby501796
Lawrence4745122
Gibson445094
Clinton442755
Harrison441775
DeKalb439885
Montgomery438490
Whitley406643
Huntington403181
Steuben400259
Miami395269
Jasper388654
Knox376391
Putnam373260
Wabash362383
Ripley347270
Adams345555
Jefferson336186
White332253
Daviess3033100
Wells295381
Decatur289892
Greene286885
Fayette284864
Posey273835
LaGrange273172
Scott270156
Clay267148
Washington246136
Randolph244783
Jennings235349
Spencer234631
Starke228058
Fountain221048
Sullivan214643
Owen212158
Fulton203042
Jay200932
Carroll193720
Orange188255
Perry187237
Rush175926
Vermillion174844
Franklin170335
Tipton166446
Parke149616
Pike138134
Blackford136232
Pulaski120747
Newton114336
Brown104243
Crawford102516
Benton101914
Martin91715
Warren84015
Switzerland8148
Union72810
Ohio57911
Unassigned0420

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 1109025

Reported Deaths: 20166
CountyCasesDeaths
Franklin1287651467
Cuyahoga1158292211
Hamilton814131250
Montgomery525601043
Summit484401001
Lucas43364820
Butler39021606
Stark33339929
Lorain25679505
Warren24600303
Mahoning22378603
Lake21213388
Clermont20125253
Delaware18860136
Licking16664222
Fairfield16577204
Trumbull16555482
Medina15613271
Greene15284248
Clark14237306
Wood13293200
Portage13251215
Allen11914239
Richland11608211
Miami10850225
Wayne9147223
Columbiana9036230
Muskingum8907135
Pickaway8664122
Tuscarawas8651250
Marion8646138
Erie8057165
Ashtabula7162179
Hancock6999132
Ross6946161
Geauga6841151
Scioto6536106
Belmont6159174
Union584649
Lawrence5734102
Jefferson5680158
Huron5547122
Sandusky5443126
Darke5420129
Seneca5349128
Washington5320109
Athens524360
Auglaize502287
Mercer487385
Shelby476895
Knox4572112
Madison444466
Ashland435797
Putnam4336103
Defiance432399
Fulton432174
Crawford4040110
Brown402461
Logan387677
Preble3856105
Clinton379166
Ottawa373681
Highland359865
Williams348278
Champaign344859
Guernsey325153
Jackson318254
Perry297350
Morrow291840
Fayette285550
Hardin275465
Henry273467
Holmes2703101
Coshocton269060
Van Wert247264
Adams243156
Pike242835
Gallia240850
Wyandot234756
Hocking220563
Carroll197348
Paulding176542
Meigs148540
Monroe136344
Noble136239
Harrison114138
Morgan109624
Vinton85717
Unassigned03
Fort Wayne
Partly Cloudy
65° wxIcon
Hi: 71° Lo: 48°
Feels Like: 65°
Angola
Mostly Cloudy
59° wxIcon
Hi: 68° Lo: 46°
Feels Like: 59°
Huntington
Partly Cloudy
60° wxIcon
Hi: 70° Lo: 47°
Feels Like: 60°
Decatur
Partly Cloudy
65° wxIcon
Hi: 70° Lo: 48°
Feels Like: 65°
Van Wert
Partly Cloudy
60° wxIcon
Hi: 70° Lo: 48°
Feels Like: 60°
Cool conditions are expected through the middle of the work week.
WFFT Radar
WFFT Temperatures
WFFT National

Community Events