CBS and Viacom said Monday that they are moving closer toward the finish line for their proposed merger, adding that the deal should close in early December.
CBS and Viacom first announced the deal in August. The new entity -- ViacomCBS -- would generate an estimated $28 billion in annual revenue via film production, broadcasting and cable programming and be headed by Viacom CEO Bob Bakish.
In a press release Monday, Viacom and CBS said their respective largest shareholder -- National Amusements Inc., -- has approved the deal, which they said satisfies the closing conditions to the merger requiring approval of a majority of CBS Class A shares and a majority of Viacom Class A shares.
The companies said the merger remains subject to other customary closing conditions and once the deal closes it will be listed on the NASDAQ Stock Market under the ticker symbols “VIACA” and “VIAC.”