CBS and Viacom formally announced an agreement to merge on Tuesday, putting back together the two divisions that had split at the beginning 2006. Viacom ceo Robert Bakish will lead the combined company, with CBS acting ceo Joe Ianniello remaining in charge of the CBS unit. CBS shareholders will wind up owning about 61 percent of the new company, with Viacom’s shares valued at about $11 billion. When the two were split in 2006, Viacom was supposed to be the fast-growing unit and CBS was supposed to control the “mature” assets, including Simon & Schuster. The release announcing the deal […]
