CBS and Viacom are merging to become ViacomCBS

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CBS is merging with Viacom after months of negotiations, reuniting the two companies for the first time since they split in 2005. The deal will increase CBS’s content offering to customers — a growing importance as the streaming wars heat up.

The company will be rebranded to ViacomCBS, according to a press release, with Bob Bakish, the current CEO of Viacom, becoming CEO of both companies under the merger. It will take months for the actual deal to close, with Joe Ianniello, acting CEO of CBS, set to report to Bakish into 2021, according to Bloomberg. The merger was approved in a unanimous vote by both boards. The move means the company is sitting at a value of roughly $30 billion, according to The Wall Street Journal.

“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,” Bakish said in a press release. “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 maximize our business for today, while positioning us to lead for years to come.”

The merger has been in discussion for quite some time, but the ousting of longtime CBS CEO Leslie Moonves after a series of sexual misconduct allegations and the appointment of Shari Redstone as the controlling shareholder of both CBS and Viacom made it difficult. A legal settlement reached last year bound Redstone to specific terms — at least two-thirds of the directors at CBS had to support the merger in order for the deal to be approved, according to Variety.

 CBS is merging with Viacom after months of negotiations, reuniting the two companies for the first time since they split in 2005. The deal will increase CBS’s content offering to customers — a growing importance as the streaming wars heat up.

The company will be rebranded to ViacomCBS, according to a press release, with Bob Bakish, the current CEO of Viacom, becoming CEO of both companies under the merger. It will take months for the actual deal to close, with Joe Ianniello, acting CEO of CBS, set to report to Bakish into 2021, according to Bloomberg. The merger was approved in a unanimous vote by both boards. The move means the company is sitting at a value of roughly $30 billion, according to The Wall Street Journal.

“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,” Bakish said in a press release. “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 maximize our business for today, while positioning us to lead for years to come.”

The merger has been in discussion for quite some time, but the ousting of longtime CBS CEO Leslie Moonves after a series of sexual misconduct allegations and the appointment of Shari Redstone as the controlling shareholder of both CBS and Viacom made it difficult. A legal settlement reached last year bound Redstone to specific terms — at least two-thirds of the directors at CBS had to support the merger in order for the deal to be approved, according to Variety.

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