After legal battles between CBS and Viacom, CBS shares dropped four percent yesterday.
CBS doesn’t feel that the merger would be in the best interest of the shareholders. Insiders say that Les Moonves is not happy about how the management structure would look if the merger goes through. But if he loses this battle and the two merge and if he is ousted as a result, he wouldn’t suffer much. Moonves would leave with “at least $182 million.”
Shares of Viacom also dropped at the end of the trading day Thursday.
Source: The Hollywood Reporter