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CBS, Viacom seek shareholder consent for merger

CBS Corp. and Viacom Inc.'s boards have asked shareholders to approve the all-stock merger between the companies.

As a result of the merger, CBS common stock will be delisted from the NYSE, and Viacom common stock will be delisted from the Nasdaq. Following the completion of the merger, ViacomCBS class A common stock and ViacomCBS class B common stock will be listed on the Nasdaq under ticker symbols VIACA and VIAC, respectively.

CBS class A common stock and CBS class B common stock are traded on the NYSE under the ticker symbols CBS.A and CBS, respectively. Viacom class A common stock and Viacom class B common stock are traded on Nasdaq under the symbols VIA and VIAB, respectively.

Upon completion of the merger, holders of Viacom class A common stock will receive 0.59625 shares of ViacomCBS class A common stock, and holders of Viacom class B common stock will receive 0.59625 shares of ViacomCBS class B common stock for each share of Viacom class A common stock or Viacom class B common stock they own, respectively. Holders of CBS class A common stock and CBS class B common stock will continue to own their existing shares.

The companies expect the transaction to be earnings-per-share accretive and to deliver beneficial cost and revenue synergies within 12 months to 24 months following closing. The deal is expected to close before year-end.