CBS has formally submitted an offer for Viacom, a person with knowledge of the negotiations told TheWrap, pricing Viacom below its current market value.
The all-stock pitch is contingent on CBS’ management team leading the mega-company. Should this go down, CBS wants CEO Les Moonves and president Joe Ianniello to run the combined corporation.
It’s unclear where that would leave Viacom boss Bob Bakish.
Since this is an all-stock deal, the exact dollar value of the offer has fluctuated since talks began, and could continue to shift. After a tough day of stock trading, Viacom’s current market cap is now $12.222 billion, based on a VIAB per-share price of $29.42, which is where the U.S. markets closed at 4 p.m. ET today. That was down $1.13 per share from Monday’s close, or minus 3.70 percent.
CBS and Viacom were one company once before, though they spun off from one-another back in 2005. Since then, CBS has been the more successful of the two publicly traded corporations.
Both companies are controlled by the Redstone Family. The ailing Sumner Redstone’s holding company National Amusements Inc. carries about 80 percent of the voting shares for both CBS and Viacom, and his daughter Shari Redstone is a vice chairman for each. She’s been leading the charge for CBS and Viacom to recombine.
TheWrap‘s request to Viacom for comment on this story were not immediately returned. CBS declined comment.
Live TV Musicals Ranked by Ratings, From 'Annie Live!' to 'Grease' (Photos)
NBC's "Annie Live!" bowed Thursday as the first new live musical production to air on broadcast TV since ABC's "The Little Mermaid Live!" in November 2019.
It also marked NBC's return to the genre, which it hasn't ventured into since "Jesus Christ Superstar Live!" on Easter Sunday of 2018, and the first of the Big 4 networks' live-TV musicals to be made during the COVID-19 era.
So naturally, all eyes were on how the Taraji P. Henson- and Harry Connick Jr.-led "Annie Live!" performed in TV ratings and viewership, as that's going to be used as an indicator of what "Tomorrow" looks like for the genre.
On the plus side, "Annie Live!" averaged 5.155 million total viewers, which was better than Fox's "Rent" and "A Christmas Story." Unfortunately, "Annie" ranks dead last in the key demo of adults 18-49, though that may be more of an indicator on how young adults view broadcast television in late 2021 vs. late 2019.
"Annie Live!" faced a lot of competition last night: Fox aired "Thursday Night Football," ABC had a highly anticipated Alec Baldwin interview in the first hour of primetime, and CBS did well with its first few sitcoms.
Scroll through our gallery to see how each of broadcast TV's modern-day, live musical productions rank by Nielsen numbers. Lowest-rated is first, highest-rated is last.
ABC
Rank: 11
Musical: "Annie Live!"
Date: December 2, 2021
Network: NBC
18-49 rating: 0.9
Total viewers: 5.155 million
NBC
Rank: 10
Musical: "Rent"
Date: January 27, 2019
Network: Fox
18-49 rating: 1.4
Total viewers: 3.415 million
Fox
Rank: 9
Musical: "A Christmas Story: Live"
Date: Dec. 17, 2017
Network: Fox
18-49 rating: 1.5
Total viewers: 4.481 million
Fox
Rank: 8
Musical: "The Passion"
Date: March 20, 2016
Network: Fox
18-49 rating: 1.6
Total viewers: 6.648 million
Fox
Rank: 7
Musical: "Jesus Christ Superstar Live!"
Date: April 1, 2018
Network: NBC
18-49 rating: 1.7
Total viewers: 9.607 million
NBC
Rank: 6
Musical: "Hairspray Live!"
Date: Dec. 7, 2016
Network: NBC
18-49 rating: 2.3
Total viewers: 9.045 million
NBC
Rank: 5
Musical: "Peter Pan Live!"
Date: Dec. 4, 2014
Network: NBC
18-49 rating: 2.4
Total viewers: 9.211 million
NBC
Rank: 4
Musical: "The Little Mermaid Live!"
Date: Nov. 5, 2019
Network: ABC
18-49 rating: 2.6
Total viewers: 8.978 million
ABC
Rank: 3
Musical: "The Wiz Live!"
Date: Dec. 3, 2015
Network: NBC
18-49 rating: 3.4
Total viewers: 11.498 million
NBC
Rank: 2
Musical: "Grease: Live"
Date: Jan. 1, 2016
Network: Fox
18-49 rating: 4.3
Total viewers: 12.206 million
Fox
Rank: 1
Musical: "Sound of Music Live!"
Date: Dec. 5, 2013
Network: NBC
18-49 rating: 4.6
Total viewers: 18.624 million
NBC
1 of 12
Thursday show marked the long-awaited return of broadcast TV’s modern-day, live musical productions
NBC's "Annie Live!" bowed Thursday as the first new live musical production to air on broadcast TV since ABC's "The Little Mermaid Live!" in November 2019.
It also marked NBC's return to the genre, which it hasn't ventured into since "Jesus Christ Superstar Live!" on Easter Sunday of 2018, and the first of the Big 4 networks' live-TV musicals to be made during the COVID-19 era.
So naturally, all eyes were on how the Taraji P. Henson- and Harry Connick Jr.-led "Annie Live!" performed in TV ratings and viewership, as that's going to be used as an indicator of what "Tomorrow" looks like for the genre.
On the plus side, "Annie Live!" averaged 5.155 million total viewers, which was better than Fox's "Rent" and "A Christmas Story." Unfortunately, "Annie" ranks dead last in the key demo of adults 18-49, though that may be more of an indicator on how young adults view broadcast television in late 2021 vs. late 2019.
"Annie Live!" faced a lot of competition last night: Fox aired "Thursday Night Football," ABC had a highly anticipated Alec Baldwin interview in the first hour of primetime, and CBS did well with its first few sitcoms.
Scroll through our gallery to see how each of broadcast TV's modern-day, live musical productions rank by Nielsen numbers. Lowest-rated is first, highest-rated is last.
ABC
NBC
