CBS and Viacom have announced they are to re-merge after over a decade as seperate entities creating a combined company with more than $28 billion in revenue.
The combined company, ViacomCBSInc, will include the CBS broadcast network along with MTV, Nickelodeon, Comedy Central, the Showtime subscription channel and Hollywood film studio, Paramount Pictures,
The deal gives the combine a library of over 140,000 premium TV episodes and more than 3,600 film titles
Bob Bakish, President and ceo of Viacom, will become President and Chief Executive Officer of the combined company. Bakish said: “Today marks an important day for CBS and Viacom, as we unite our complementary assets and capabilities and become one of only a few companies with the breadth and depth of content and reach to shape the future of our industry. Our unique ability to produce premium and popular content for global audiences at scale –for our own platforms and for our partners around the world –will enable us to maximise our business for today, while positioning us to lead for years to come. As we look to the future, I couldn’t be more excited about the opportunities ahead for the combined company and all of our stakeholders –including consumers, the creative community, commercial partners, employees and, of course, our shareholders.”
Joe Ianniello, President and Acting Chief Executive Officer, CBS, will become Chairman and CEO of CBS. Ianniello, who will oversee all CBS-branded assets in his new role, said: “This merger brings an exciting new set of opportunities to both companies. At CBS, we have outstanding momentum right now –creatively and operationally –and Viacom’s portfolio will help accelerate that progress. I look forward to all we will do together as we build on our ongoing success. And personally, I am pleased to remain focused on CBS’s top priority –continuing our transformation into a global, multi-platform, premium content company.”
Shari Redstone, Vice Chair of the Boards of Directors, CBS and Viacom, said: “I am really excited to see these two great companies come together so that they can realize the incredible power of their combined assets. My father once said ‘content is king,’ and never has that been more true than today. Through CBS and Viacom’s shared passion for premium content and innovation, we will establish a world-class, multi-platform media organisation that is well-positioned for growth in a rapidly transforming industry. Led by a talented leadership team that is excited by the future, ViacomCBS’s success will be underpinned by a commitment to strong values and a culture that empowers our exceptional people at all levels of the organisation.”
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