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Thursday, February 5, 2015

CBS's Moonves plans to purchase company ahead of potential Viacom deal - NY Post, (NASDAQ: VIAB)

CBS Corp Chief Executive Leslie Moonves is discussing ways to purchase out the broadcaster's controlling shareholder, National Amusements Inc, ahead of a potential deal with Viacom Inc, the New York Post reported, citing sources. Moonves believes that a merger with Viacom will leave him in an inferior position versus Viacom Chief Executive Philippe Dauman and could shortchange CBS minority shareholders, the newspaper said. ( mogul Sumner Redstone's National Amusements Inc controls both Viacom and CBS and 91-year-old Redstone is the chairman of both Viacom and CBS."Moonves has been talking to a few banks and private equity firms about buying CBS," the newspaper quoted a 'well-placed' source as saying. It is unclear how far the discussions have progressed, the report added.The Moonves plan comes as talk of a mega media merger with Viacom has ratcheted up in recent weeks and Redstone's health continues to falter, the newspaper said.

Viacom Inc. (Viacom) is an entertainment content company that connects with audiences in over 160 countries and territories and creates compelling television programs, motion pictures, short-form video, applications, games, consumer products, social media and other entertainment content. Shares of VIAB fell by 1.03% or $-0.69/share to $66.08. In the past year, the shares have traded as low as $63.11 and as high as $89.76. On average, 3789880 shares of VIAB exchange hands on a given day and today's volume is recorded at 4305214.