Bob Bakish, the head of a newly combined CBS and Viacom, said those companies’ share prices aren’t rallying the way he hoped, but he thinks that a quick merger closer will help, reported CNBC.
“Clearly we’re disappointed with how the stocks are reacting,” Bakish told CNBC’s David Faber on “Squawk Alley” Tuesday, September 17. Bakish said he spent the past two weeks talking to investors and “making sure they understand the tremendous opportunity ahead for CBS and Viacom.”
After years of negotiating, CBS and Viacom announced an agreement to merge in August. The deal reunites the two companies after 13 years apart and several attempts at a deal since 2016. The new company will be called ViacomCBS and Bakish will lead the combined entity. Bakish told CNBC Tuesday that he expects the deal to close in December.
“We see substantial distribution revenues in this deal,” Bakish said.
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