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Business

Redstone to push for CBS and Viacom to reunite

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Business

Redstone to push for CBS and Viacom to reunite

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COMING UP:Redstone to push for CBS and Viacom to reunite

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00:00:01
>> A father daughter media dynasty looking to reunite their kingdom. Reuters learning Wednesday, Sumner Redstone and his daughter, Sherry, will push for Viacom and CBS to rejoin. Their holding company, National Amusements, to send a letter to both companies’ boards urging them to merge. Reuters Jessica Toonkel broke the story.>>Viacom split off from CBS ten years ago.
00:00:22
The thinking was, CBS was going to be the slow and steady grower. Viacom was the new, younger media company. It had MTV, it had Nickelodeon. And things didn't quite pan out like that. Viacom has had ad declines. Viacom's ratings have been slumping, whereas CBS has been doing quite well, so Now ten years later, I think the thinking is let's bring these companies back together and try to create a bigger, better company.
00:00:49
>> It's the latest chess move by the surprisingly nimble 93 year old who fought off a mental incompetency trial in May and helped sack Viacom's long time CEO Philippe Dauman with Shari's urging. The younger Redstone long wanting CBS chairman, Les Moonvess to also oversee the limping Viacom. Despite Moonvess having shut down merger rumors earlier this month.
00:01:12
>> Viacom doesn't have a CEO right now, that's one issue.
LAUGH] T
ey just announced that their interim CEO Tom Dooley is gonna be leaving in November. Leslie Moonves is someone who is known to working really well with creative talent, he has vision, investors love him. The thinking is that Leslie Moonves is the one person who can save this company.
00:01:32
It remains to be seen, A, if he wants the job and B, if he can do it.>> Viacom also controls the underperforming Paramount Pictures, which some, including Dumont, have wanted to sell. Shares of both companies rising on Wednesday.