Talk is heating up — again — that Viacom and CBS Corp. are seriously considering a reunification of the companies.
That chatter helped CBS enjoy a stellar performance on Wall Street in Monday’s trading. For Viacom, there was no rumor bump in its stock price.
At the Closing Bell, CBS shares were up a strong 4.9%, to $51.69; in immediate after-hours trading, the company’s stock was down 1.5%, putting CBS at $50.92.
Getting CBS stock back above $50 — and $60, for that matter — is paramount for the company, no pun intended. It’s been Jan. 22 since CBS shares were at $60, and were close to $70 a share one year ago.
The slump could be tied to concerns about advertising across CBS’s broadcast networks. Or, it could be investor sentiment on renewed rumors that a serious look at a merger with Viacom is in the best interests of National Amusements and the Redstone family.
After starting the move above $34, Viacom’s Class B shares are now below $30, thanks to early after-hours trading Monday that sank VIA-B to $29.82 following a 5-cent drop to $30.09.
The fall negates any gain seen for Viacom’s Class B shares since early January 2018.
