Latest in Merger

UPDATED, with Klobuchar comment: Amazon’s planned $8.45 billion acquisition of MGM got a chilly reception from some Capitol Hill lawmakers, but there may not be much that they can do to stop it. The opposition largely centers on Amazon, already with a market cap of more than $1.6 trillion, getting even bigger. But…

ViacomCBS won’t be offering merit increases to salaried employees this year due to the economic hit of COVID-19, CEO Bob Bakish told staff at a town hall meeting today. A source at the company also confirmed that Bakish told staffers the company’s offices will not be opening in  January. In a memo update several…

Eros International and STX Corp. have formally closed their merger and said the combined firm plans a listing on the New York Stock Exchange in September. The combined entity, which blends the film and TV operations of large-scale indie STX with the production and streaming assets of India-based Eros, will trade under…

Signaling ongoing consolidation of the broadcast business, Gray Television has made an $8.5 billion bid for larger rival Tegna, according to Reuters, sending Tegna stock up by more than 30% in premarket trading Friday in what looks set to be an otherwise down market. Gray offered about $20 a share in cash and stock…

The nation's biggest television broadcaster Nexstar Media Group Wednesday reported net income dipped 26% on a 39% jump in revenue in the fourth quarter spurred by its acquisition of Tribune Broadcasting last fall. CEO Perry Sook said the combined company is focused on slashing debt and expanding local news and…

TiVo, known as the pioneer of delayed viewing of television, has merged with entertainment tech firm Xperi in a $3 billion, all-stock deal. The combined company will be “one of the industry’s largest intellectual property licensing platforms,” reaching hundreds of businesses and tens of millions of consumers…

UPDATED with staff memo. Viacom and CBS shares perked up Wednesday, each rising more than 3% in their final day of trading as separate companies. The media companies’ all-stock merger took effect after the closing bell. Shares in ViacomCBS will begin trading Thursday morning on the Nasdaq. CBS stock closed at $40.68…

After years of stops and starts on the way to the altar, Viacom and CBS finally have a date for their corporate nuptials. The companies said they expect to close the all-stock transaction after the close of trading on December 4. On the next day, December 5, the companies will become a single entity, ViacomCBS Inc.…

CBS delivered a mixed set of third-quarter results, with earnings per share of 95 cents on an adjusted basis exceeding Wall Street analysts’ consensus forecast by two cents. Revenue grew just 1% to $3.3 billion, which did not clear the $3.37 billion bar set by analysts. It is expected to be the final quarter of…

Nexstar said Thursday it has closed its acquisition of Tribune Media for $7.2 billion, including debt, vaulting to the position of No. 1 owner of local TV stations in the U.S. The deal caps a remarkable rise for a company that consisted of a single radio station barely a generation ago. Sinclair Broadcast Group had…

The integration process related to the merger of Viacom and CBS will be managed inside each organization by Viacom Chief Transformation Officer Jose Tolosa and CBS EVP, Strategic Planning and Development Gautam Ranji. In addition, the companies are forming an Integration Management Office (IMO). News of the IMO, the…

UPDATED with closing prices and additional details: Shares in Viacom and CBS both declined more than 8% Wednesday as investors absorbed the details of the companies’ long-awaited merger during a broader stock market retreat. CBS stock closed at $44.62, 8% lower, and Viacom at $26.72, down 8.5%. Worries about weak…