By Michael Dabaie
Shares of Viacom Inc. (VIA, VIAB) and CBS Corp. (CBS, CBSA) were losing ground in afternoon trading after the companies agreed to merge.
Less-heavily traded Viacom Class A shares were trading down about 8% to $30. More heavily traded Class B shares of Viacom were trading up 0.7% to $28.73, but off of highs earlier in the day.
CBS Class B shares were up 0.7% to $48.36, also off of earlier highs.
CBS and Viacom agreed to combine in an all-stock merger. Each Viacom Class A voting share and Viacom Class B non-voting share will convert into 0.59625 of a Class A voting share and Class B non-voting share of CBS, respectively.
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