Sumner Redstone’s privately-held National Amusements on Monday withdrew its merger proposal for CBS (CBS. N) and Viacom (VIAB.O), according to three sources familiar with the situation who wished to remain anonymous.
Shares of Viacom tumbled 6.8 percent in early New York Stock Exchange trading to $36. CBS shares were down 3.6 percent at $60.33.
A reason for the withdrawal was not immediately clear.
Shari Redstone and her father, 93-year-old Sumner Redstone, control 80 percent of CBS and Viacom voting shares through their National Amusements Inc movie theater company.
In September, National Amusements called on Viacom and CBS to consider recombining, 10 years after first separating.
CBS and Viacom did not immediately have a comment on the news, which was first reported by CNBC.
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