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Viacom shares sink 10% after CBS merger called off

Viacom shares dropped nearly 10% after Sumner Redstone’s National Amusements group, the controlling shareholder in CBS (NYSE:CBS) and Viacom, scrapped its push for the two media companies to combine

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Deal with Viacom off

Viacom (NASDAQ:VIAB) shares dropped nearly 10% after Sumner Redstone’s National Amusements group, the controlling shareholder in CBS (NYSE:CBS) and Viacom, scrapped its push for the two media companies to combine.

“After careful assessment and meetings with the leadership of both companies, we have concluded that this is not the right time to merge the companies,” the company said in a letter, adding that Viacom has “tremendous assets that are currently undervalued”.

Viacom shares were down 9.6% at $34.90 and CBS were down 0.7% at $62.15 on Monday.

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NYSE:VIA
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