CBS Corp. and Viacom Inc. agreed to combine on Aug. 13 in an all-stock merger that will create a combined company with more than $28 billion in revenue.
The combined company will be known as ViacomCBS Inc.
Under the terms of the deal, existing CBS shareholders will own approximately 61% of the combined company and existing Viacom shareholders will own approximately 39% of the combined company on a fully diluted basis. Each Viacom class A voting share and Viacom class B nonvoting share will convert into 0.59625 of a class A voting share and class B nonvoting share of CBS, respectively.
More details to follow.