Viacom Rejects CBS Merger Offer, Prepares Counter – Update

UPDATED with additional details: Viacom has rejected CBS’ initial acquisition offer, and is preparing a counter-proposal that sources say could come as early as today or tomorrow.
CBS’ initial offer valued Viacom’s at below its market value of $12.4 billion, say people familiar with the matter. Reuters reported that the network proposed an all-stock transaction that would exchange of .55 CBS shares for every share of Viacom stock.
Viacom is expected to address both…

UPDATED with additional details: Viacom has rejected CBS’ initial acquisition offer, and is preparing a counter-proposal that sources say could come as early as today or tomorrow. CBS’ initial offer valued Viacom’s at below its market value of $12.4 billion, say people familiar with the matter. Reuters reported that the network proposed an all-stock transaction that would exchange of .55 CBS shares for every share of Viacom stock. Viacom is expected to address both…

CBS Offer For Viacom Will Be All-Stock And Below Current Market Valuation

CBS plans to make an all-stock offer for Viacom, pegging its value at below its current market valuation, sources familiar with the matter have confirmed.
The initial offer to Viacom, which is expected to come within a matter of days, proposes installing CBS Chief Executive Leslie Moonves at the helm of the merged company for at least two years, Reuters reported. It’s unclear where that would leave Viacom CEO Bob Bakish, who’s been attempting to effect a turnaround and…

CBS plans to make an all-stock offer for Viacom, pegging its value at below its current market valuation, sources familiar with the matter have confirmed. The initial offer to Viacom, which is expected to come within a matter of days, proposes installing CBS Chief Executive Leslie Moonves at the helm of the merged company for at least two years, Reuters reported. It’s unclear where that would leave Viacom CEO Bob Bakish, who’s been attempting to effect a turnaround and…

Penske Media Acquires SheKnows Media and Its BlogHer Events Business

Penske Media, the parent company of websites including Rolling Stone, Variety and Deadline, has acquired SheKnows Media, and a slew of women-focused sites owned by the company including SheKnows.com, Stylecaster and HelloFlo.

The news was announced in a press release from SheKnows on Wednesday.

“We are thrilled to join PMC to accomplish our goal of building out the SheKnows brands and further engaging our more than 300 million social followers,” said SheKnows Media CEO Philippe Guelton. “We view PMC as the best home for our brands and our audiences for decades to come.”

As part of the deal, Penske will also acquire SheKnows’ influential BlogHer events business. SheKnows Media chief Philippe Guelton and president Samantha Skey will both remain in their current roles.

Also Read: Indie No More? Indiewire Acquired by Penske Media

“Bringing SheKnows to PMC will enable us to deepen our service to our broad and loyal audiences, including women entrepreneurs and content creators, while solidifying our dominance of the women’s interests vertical,” SheKnows Media President Samantha Skey said in the company announcement.

It’s the latest acquisition for Penske, which has been on a bit of a buying spree of media properties in recent years. Over the past five years the company has added Variety, Fairchild Media, IndieWire, Robb Report and, most famously, Rolling Stone to its roster.

Related stories from TheWrap:

Indie No More? Indiewire Acquired by Penske Media

WikiLeaks Exposes Bromance Between Sony TV Chief Steve Mosko, Jay Penske: ‘You’re a 10 In My Book!!’

Elusive Nikki Finke Exposed by Nikki Stink Site Amid Bitter Legal Battle With Jay Penske (Photo)

Penske Media Purchases Conde Nast’s Fairchild Fashion Media Including Women’s Wear Daily

Penske Media, the parent company of websites including Rolling Stone, Variety and Deadline, has acquired SheKnows Media, and a slew of women-focused sites owned by the company including SheKnows.com, Stylecaster and HelloFlo.

The news was announced in a press release from SheKnows on Wednesday.

“We are thrilled to join PMC to accomplish our goal of building out the SheKnows brands and further engaging our more than 300 million social followers,” said SheKnows Media CEO Philippe Guelton. “We view PMC as the best home for our brands and our audiences for decades to come.”

As part of the deal, Penske will also acquire SheKnows’ influential BlogHer events business. SheKnows Media chief Philippe Guelton and president Samantha Skey will both remain in their current roles.

“Bringing SheKnows to PMC will enable us to deepen our service to our broad and loyal audiences, including women entrepreneurs and content creators, while solidifying our dominance of the women’s interests vertical,” SheKnows Media President Samantha Skey said in the company announcement.

It’s the latest acquisition for Penske, which has been on a bit of a buying spree of media properties in recent years. Over the past five years the company has added Variety, Fairchild Media, IndieWire, Robb Report and, most famously, Rolling Stone to its roster.

Related stories from TheWrap:

Indie No More? Indiewire Acquired by Penske Media

WikiLeaks Exposes Bromance Between Sony TV Chief Steve Mosko, Jay Penske: 'You're a 10 In My Book!!'

Elusive Nikki Finke Exposed by Nikki Stink Site Amid Bitter Legal Battle With Jay Penske (Photo)

Penske Media Purchases Conde Nast's Fairchild Fashion Media Including Women's Wear Daily

CBS-Viacom Merger Scenario Moves Ahead As Companies Form Committees

The prospect of a CBSViacom reunion moved a small step closer to reality today as the companies announced that their respective boards of directors have formed special committees to evaluate a potential merger.
Both companies cautioned investors that there can be no assurance that a transaction between the former corporate office mates will occur, and both companies’ independent boards and shareholders would have to climb aboard. But Shari Redstone has been working…

The prospect of a CBS-Viacom reunion moved a small step closer to reality today as the companies announced that their respective boards of directors have formed special committees to evaluate a potential merger. Both companies cautioned investors that there can be no assurance that a transaction between the former corporate office mates will occur, and both companies’ independent boards and shareholders would have to climb aboard. But Shari Redstone has been working…

Disney-Fox Deal: 5,000 To 10,000 Jobs Will Likely Be Shed: Analyst

On the day after Disney’s game-changing takeover of most of 21st Century Fox for $66B, including debt, the merger’s likely toll on the combined workforce is starting to become more clear.
Rich Greenfield, an analyst with BTIG who has long been a bee in Disney’s bonnet, believes at least 5,000 or as many as 10,000 jobs could be at stake.
The analyst, who has damaged Disney stock before by highlighting subscriber losses at ESPN, among other issues, issued a new report today…

On the day after Disney’s game-changing takeover of most of 21st Century Fox for $66B, including debt, the merger’s likely toll on the combined workforce is starting to become more clear. Rich Greenfield, an analyst with BTIG who has long been a bee in Disney’s bonnet, believes at least 5,000 or as many as 10,000 jobs could be at stake. The analyst, who has damaged Disney stock before by highlighting subscriber losses at ESPN, among other issues, issued a new report today…

‘Logan’ Director James Mangold: If Fox Film Fades Out Post-Merger, “That Would Be Sad To Me”

Logan director James Mangold spoke for many when he described himself during an awards-season event as “very curious” about the future of 20th Century Fox, the 82-year-old studio where he has made more films (four) than any other.
A game-changing sale of assets owned by studio parent 21st Century Fox is expected to be announced this week. Disney is believed to be the leading contender to take the reins, though Comcast has also held talks with 21st Century Fox…

Logan director James Mangold spoke for many when he described himself during an awards-season event as “very curious” about the future of 20th Century Fox, the 82-year-old studio where he has made more films (four) than any other. A game-changing sale of assets owned by studio parent 21st Century Fox is expected to be announced this week. Disney is believed to be the leading contender to take the reins, though Comcast has also held talks with 21st Century Fox…

AT&T-DOJ Pre-Trial Hearing Set For Dec. 7

AT&T and the U.S. Department of Justice will meet in court for the first time on Dec. 7 at a pre-trial hearing in the DOJ’s lawsuit against the company over its pending Time Warner merger, a federal judge said this afternoon.
Judge Richard Leon is overseeing the case. He revealed the hearing date as part of an order.
The two sides have clashed this week over when the case should be heard. Given it has an $85 billion bun in the oven, AT&T is clamoring for the earliest date…

AT&T and the U.S. Department of Justice will meet in court for the first time on Dec. 7 at a pre-trial hearing in the DOJ’s lawsuit against the company over its pending Time Warner merger, a federal judge said this afternoon. Judge Richard Leon is overseeing the case. He revealed the hearing date as part of an order. The two sides have clashed this week over when the case should be heard. Given it has an $85 billion bun in the oven, AT&T is clamoring for the earliest date…