The deal is what is known as a stock swap, and values Viacom at about $11 billion as of Monday’s closing market price. The combined company also expects to see about $500 million in cost savings, which typically come in the form of layoffs.
Zirinsky, who started work at CBS in the Washington bureau as a 20-year-old in the early 1970s and is currently the executive producer at ``48 Hours,'' will take over in March. She will be the first female to lead CBS News.
Shares of US television network CBS Corp tumbled 6.3 per cent to $53.88 midday on Friday after the Hollywood Reporter said that the New Yorker magazine would soon publish a claim that CBS chief executive officer Les Moonves has been accused of sexual harassment.