CBS and Viacom today entered in an agreement to combine in an all-stock merger both companies. ViacomCBS is the name of the new company that has more than $28 billion in revenue.
ViacomCBS has CBS, Showtime, Nickelodeon, MTV, BET, Comedy Central and Paramount Network. The President and Chief Executive Officer of Viacom, Bob Bakish (in the picture), will become President and Chief Executive Officer of the combined company called ViacomCBS.
“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 maximize our business for today, while positioning us to lead for years to come,” said Bob Bakish.
Joe Ianniello, President and Acting Chief Executive Officer, CBS, will become Chairman and CEO of CBS.