( Reuters) – Viacom Inc (VIAB.O) and CBS Corp (CBS.N) are not in active merger conversations, although managing investor Shari Redstone has actually had exploratory discussions with CBS directors about recombining the business, 2 sources knowledgeable about the circumstance informed Reuters on Friday.
CBS and Viacom are both managed by ailing Sumner Redstone, 94, and his child Shari, through their independently owned theater business, National Amusements Inc.
Sumner Redstone divided Viacom and CBS into different business a years earlier. He and his child tried to combine the 2 in 2016, however the effort stopped working.
National Amusements, CBS and Viacom decreased to comment.
Home entertainment and media news site The Wrap on Friday reported that Shari Redstone was looking for to combine Viacom and CBS, sending out Viacom shares up as much as 15 percent, to $3555
Viacom shares fell, however were still trading up 7 percent in after hours trading following reports that a merger was not being pursued.
Reporting by Jessica Toonkel