Media mogul Sumner Redstone’s National Amusements is abandoning a proposal that CBS and Viacom reunite after a 10 year split.
The news comes as Viacom named acting CEO Bob Bakish as its permanent head.
National Amusements, which owns most of the voting shares of the two companies, had urged the companies to combine in September, saying that a tie-up would help them compete better as technology and the entertainment industry rapidly evolve.
Now, the company, run by Redstone and his daughter Shari, says that following management changes at Viacom and strength at CBS, which operates CBS, Showtime and other entities, it makes more sense for the companies to continue as separate entities.
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