And, that’s a wrap … CBS Corporation‘s final day of trading on the NYSE is today, and investors made sure to get in prior to the conversion of CBS shares to those associated with ViacomCBS.
The new entity’s stock begins trading Thursday on Nasdaq.
Nasdaq is where Viacom’s Class B shares presently reside. As previously reported, ViacomCBS will trade under ticker symbols “VIACA” and the publicly accessible “VIAC” on the Nasdaq Global Select Market, starting Dec. 5.
As part of the listing, ViacomCBS will also become eligible for future inclusion in the Nasdaq 100 index, CBS said.
Under the terms of the merger agreement revealed on August 13, each Viacom Class A voting share and Viacom Class B non-voting share will convert into 0.59625 of a Class A voting share and Class B non-voting share of CBS, respectively.
Existing CBS shareholders will own approximately 61% of the combined company and existing Viacom shareholders will own approximately 39% of the combined company on a fully diluted basis.
Once the merger is complete, Viacom President/CEO Bob Bakish will serve in that role for the combined company. It’s something disgraced former CEO Les Moonves fought hard to thwart.
His successor, President and acting CEO Joe Ianniello, will serve as Chairman/CEO of CBS, overseeing what will be a branded unit inside the combined company. The leadership team of the combined company will include Christina Spade as EVP/CFO; and Christa D’Alimonte as EVP/General Counsel and Secretary.
On October 3, it was announced that the role of Executive Vice President for Global Public Policy and Government Relations will be held by Doretha (DeDe) Lea.
With under 30 minutes remaining, CBS shares were up 4.6%, to $41.15 — its best performance since Sept. 23. At the closing bell, CBS concluded its trading life at $40.68.
Viacom’s Class B shares finished their tenure with a $24.22 per share closing price, up 3.2% from Tuesday.