Shares of CBS Corp. and Viacom Inc. fell Aug. 12 in response to the latest deal terms weighed by the media giants, which are hammering out a merger after years of on-again, off-again discussions.
The exchange ratio for the all-stock deal being discussed is between 0.595 and 0.6, though it could still change, according to people familiar with the situation. At this level, a deal would value Viacom at around its current level.
Shari Redstone
Those terms, first reported by the Wall Street Journal, sent shares of Viacom down as much as 5.3% to $28.43 on Aug. 12. That was the ...