CBS & Viacom move closer to merger after 3 years of talksPosted: Updated:
Here’s the latest business headlines from Cheddar.
CBS and Viacom are moving closer to a merger after three years of talks. The two legacy media companies are still working out details, specifically the stock exchange ratio, but talks are reportedly in their final stages. If finalized, the deal would reunite media mogul Sumner Redstone's empire.
The merger would reverse a move made in 2006 that separated Viacom's cable networks division from CBS’s TV business.
Taco Bell's parent company, Yum Brands, announced on Monday that David Gibbs will be its next chief executive. Gibbs will be replacing Greg Creed who is retiring after roughly four years on the job. Yum Brands says Gibbs will serve as a part-time advisor, and will remain on the board of directors.
Verizon has agreed to sell Tumblr to Automattic, the parent company of WordPress. The telecom giant was reportedly shopping Tumblr since the beginning of this year. Automattic is buying Tumblr for an undisclosed sum, and will take on about 200 staffers. Verizon bought Tumblr through the company's acquisition of Yahoo in 2017.