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Communications Services Drop on Deal Outlook -- Communications Services Roundup

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08/20/2019 | 05:32pm EDT

Communications services companies fell amid concerns about the outlook for deals in the sector.

Shares of Sprint, which has agreed to merge with T-Mobile US, fell.

Viacom Chief Executive Bob Bakish, who will become president and chief executive of newly formed ViacomCBS, will receive compensation worth about $31 million a year, while acting CBS Chief Executive Joe Ianniello stands to receive a payout of about $70 million when the deal closes.

Shares of Madison Square Garden, home to the New York Knicks basketball team, fell sharply.

Facebook banned the sale of guns on its Marketplace platform, but a Wall Street Journal investigation revealed gun owners get around the ban by advertising gun cases and boxes in coded firearm ads.

Rob Curran, rob.curran@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
CBS CORPORATION 0.18% 43.38 Delayed Quote.-0.78%
FACEBOOK 0.03% 188.14 Delayed Quote.43.52%
T-MOBILE US -0.11% 80.12 Delayed Quote.25.96%
VIACOM 0.04% 25.76 Delayed Quote.0.23%
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