7/15, 10:52 PM (Source: TeleTrader)
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CBS-Viacom talks may end by August 8 - report

The release of quarterly results scheduled for August 8 by both CBS Corp. and Viacom Inc. was used as a provisional deadline for renewed merger negotiations on each side, CNBC reported on Monday, quoting unnamed insiders. The date is "natural" but "internal," the article adds and notes an announcement could still come later.

The talks apparently led to an understanding that the two media giants are a fit "conceptually," the news organization learned and pointed to Shari Redstone, vice chairwoman and controlling shareholder in both entities, who has been advocating for the tieup. However, a legal settlement with CBS makes it impossible for her to launch the attempt. The negotiators reportedly wouldn't get to the price issue before tackling governance and the strategy. The transaction formula will be an exchange ratio, according to the people with knowledge of the matter. Of note, the previous effort failed upon other disagreements after the number of CBS shares for every Viacom class B was determined at 0.6135.

Earlier this year, the broadcaster was rumored to have approached Lions Gate for the acquisition of Starz for $5 billion.

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