CBS Calls Off Merger

The potential merger of CBS and Viacom, is off.

National Amusements, which is the holding company for Summer Redstone's family, issued a statement that now is not the right time to merge to the two companies.

Earlier this year, the Redstones fired CEO Philippe Dauman after Viacom's revenues fell over falling cable ratings, ad sales, and a number of crappy movies from Paramount. They then asked the boards of Viacom and CBS to consider a merger.

h/t Broadcasting & Cable