With its de-listing notice already filed with the SEC, it was only a matter of time before Viacom and CBS Corporation revealed just when a reunification of the two companies controlled by National Amusements, Inc., would occur. On Monday morning, the date was announced.
It’s hardly a surprise.
On November 18, Nielsen said in a SEC filing first reported by RBR+TVBR that its Chief Human Resources Officer, Nancy Phillips, would be leaving her position to take a similar role at ViacomCBS.
Her exit date from Nielsen: December 1.
This suggested that a merger was likely to transpire very close to that date.
It’s true. CBS Corp. will cease trading on the NYSE as “CBS,” and conclude operations as a separate company after the Closing Bell on Wednesday, Dec. 4.
The surviving company will trade on Nasdaq, 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 the next day (12/5).
As part of the listing, ViacomCBS will also become eligible for future inclusion in the Nasdaq 100 index, CBS said.
Among the other key executive moves announced, Alex Berkett will become EVP/Corporate Development and Strategy, shifting from a SVP role at Viacom. At the same time, Viacom EVP/Global Head of Inclusion Strategy Marva Smalls will serve in a similar role at ViacomCBS, with the “Strategy” stripped from her official job title. For Viacom Chief Transformation Officer José Tolosa, EVP stripes come with his new ViacomCBS role.
Minutes after the start of Monday’s trading sessions on Wall Street, CBS was off 17 cents to $39.35 while Viacom’s Class B shares were down 14 cents to $23.51.
However, CBS rebounded sharply, finishing Monday’s trading up 43 cents to $39.95.
Viacom’s Class B shares finished the day at $23.84, up 19 cents.
FROM THE RBR+TVBR ARCHIVES: