Telecoms Down Amid Deal Positioning -- Telecoms Roundup

Shares of telecommunications companies ticked down amid further deal machinations. Shari Redstone family holding company, National Amusements, issued a change to CBS's bylaws on Wednesday in an attempt to block the board's ability to dilute its voting power. According to previous reports, CBS's board was seeking to thwart the Redstone family holding company's "supervoting" powers as part of its resistance to a merger with Redstone-backed Viacom. 21st Century Fox has named Lachlan Murdoch as chairman and chief executive of the proposed remainder of the Fox company if its pending deal to sell most of its assets to Walt Disney closes. Rupert Murdoch, Mr. Murdoch's father, would serve as co-chairman, 21st Century Fox said Wednesday. Executives at Walt Disney are weighing the return of animation guru John Lasseter in a new role that would reduce his managerial power but allow him to retain creative influence, The Wall Street Journal reported. Mr. Lasseter made his name as the creative force behind many classic Pixar cartoons, but took leave under a cloud when Disney opened an investigation into alleged infractions. The decision is likely to draw scrutiny as corporations struggle to deal with executives associated with the #MeToo movement.

-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

May 16, 2018 16:54 ET (20:54 GMT)

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