Redstone firm calls off CBS, Viacom merger proposal
ATLANTA — Media mogul Sumner Redstone’s National Amusements is abandoning a proposal that CBS and Viacom reunite after a 10 year split.
The news comes as Viacom named acting CEO Bob Bakish as its permanent head.
National Amusements, which owns most of the voting shares of the two companies, had urged the companies to combine in September, saying that a tie-up would help them compete better as technology and the entertainment industry rapidly evolve.