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Report: Viacom close to buying VidCon

Viacom Inc. is nearing a deal to buy annual online video conference VidCon, Variety reported Feb. 5, citing "individuals with knowledge of the transaction."

The popular conference, which occurs annually in Southern California, will reportedly become an independent unit of Viacom, and its leadership team will remain intact.

A formal announcement is likely to be made this week if the deal materializes, according to the report.

The move is seen as part of Viacom's efforts to reach younger audiences who lean more toward digital platforms instead of linear cable channels, which make up the media conglomerate's core businesses. Viacom last month struck a deal to buy influence marketing company WhoSay Inc.

The boards of Viacom and CBS Corp. also recently formed separate special committees of independent directors to explore a potential merger between the two companies.