The merger of CBS and Viacom has employees preparing for layoffs, but companies do not know when and where to carry the ax.
"The big guys are worried about their work," said a CBS source, explaining that company-level managers, such as those in human resources, communication and the sale of ads, fear that their jobs will be eliminated if they overlap similar positions at Viacom.
At a teleconference Tuesday, officials said the merger would save money, but they failed to say whether the jobs would be part of the equation. CBS President and CEO Joe Ianniello spoke about "cost synergies" that would include growing the number of subscribers to the company's streaming platforms, Showtime Anytime, CBS All Access and Pluto. TV.
If pink sheets are distributed, they will come after the end of the agreement, which, according to some sources, could happen as early as September, since Shari Redstone's National Amusements Inc. has the power to speed up the conclusion of the contract. if it does not comply with the regulations. opposition.
While leaders of the future ViacomCBS group announced Tuesday that they expected the deal to be finalized by the end of 2019, National Amusements has the power to act unilaterally "to approve it," thus shortening the duration of the agreement ". to conclude, according to Mort Pierce, a partner at White & Case.
If the Securities and Exchange Commission gives its opinion on the transaction, it will likely be completed in 30 to 90 days, said Pierce. If the SEC does not take action, the deal could be completed in 20 days, he said.
A source close to the NAI subscribed to Pierce's assessment, saying the closing would take much less time than many major media mergers like AT & T and Time Warner or Disney and 21st Century Fox. These offers lasted more than one year each.