According to The Wall Street Journal, Shari Redstone — vice-chairwoman of both CBS Corp. and Viacom — is seeking to shake up the CBS board and once again consider a reunification of the two entities controlled by Redstone through National Amusements.
This, predictably, resulted in a big gain on Wall Street for Viacom’s Class B shares and for CBS stock in Thursday’s trading.
At the Closing Bell, CBS shares were up 1.9%, to $60. In early after-hours trading, they gained an additional 0.73%, to $60.44.
Meanwhile, Viacom Class B stock was ahead by a strong 6.2%, to $33.95. That’s an impressive gain for the company led by Bob Bakish, with its stock back to its mid-July 2017 levels after a dip to $23.27 on Oct. 30.
How did other media companies fare on Thursday? Simply visit the RBR+TVBR Wall Street Report on the homepage of RBR.com for the answer!
