CBS-Time Warner, anyone? Well, no — but it’s an intriguing idea that apparently was floated last year. Bloomberg reports that CBS Corp CEO Les Moonves approached TW chief exec Jeff Bewkes about the possibility of merging the two media companies. The answer? Thanks but no thanks, according to Bloomberg’s sources. No potential numbers were revealed.
Still, that’s an eye-catching reach-out from Moonves, who has said his company should command at least $100 a share for buyout suitors. That would value CBS — which owns the No. 1 broadcast network, TV and radio stations, Showtime and publisher Simon & Schuster — at nearly $50 billion. Bank of America Corp analyst Jessica Reif Cohen said early this month that Time Warner could offer $80.
Stay tuned as Sumner Redstone, who owns nearly four-fifths of the votes at CBS Corp and Viacom, closes in on his 92nd birthday in May.