National Amusements pulls CBS, Viacom merger proposal

Sumner Redstone's privately-held National Amusements on Monday withdrew its merger proposal for CBS and Viacom, citing prospects for a turnaround at Viacom under its new leadership. Shares of Viacom tumbled 6.8 percent in early New York Stock Exchange trading to $36. "Following the management changes that the Viacom Board put in place, we have been very impressed with the forward-looking thinking and strategic plan being pursued under Bob Bakish’s leadership," National Amusements said in a