Viacom To CBS: No Thanks
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According to Variety, the “special committee of the Viacom board is said to have rejected outright the acquisition bid submitted by CBS‘s special committee on Friday.”
CBS has also proposed having their Joe Ianniello run the combined companies, but Viacom wants their CEO Bob Bakish to have a role in the company and that was not on the table in CBS‘s first offer.
Now, CBS is waiting for a formal counter-proposal, which is due by the end of this week.
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