LONDON (Brand Republic) – US media giant Viacom has renegotiated the terms of the deal to acquire the 36% of US outdoor advertising and radio group, Infinity Broadcasting, that it does not already own, knocking $2.5bn off of the original $15.2bn price tag.
The stock deal was revised after Infinity’s share price took a nose dive in late summer after the slump in media and technology stocks.
Viacom agreed to buy Infinity Broadcasting in August. It acquired the other 64% of the outdoor advertising and radio group through its takeover of US TV network, CBS.