Aug. 13 (Global-News) — Media corporations Viacom and CBS agreed to a merger on Tuesday, combining their leisure belongings.
The companies will combine in an all-stock merger and be often known as Viacom CBS Inc., with Viacom president and CEO Bob Bakish set to function president and CEO of the newly shaped firm and CBS CEO Joe Ianiello will turn out to be the chairman of CBS and stay accountable for CBS belongings.
Because of the merger, present CBS shareholders will personal roughly 61 p.c of the mixed firm and present Viacom shareholders will personal about 39 p.c of the mixed firm on a totally diluted foundation.
The mixed firm will embody cable networks Comedy Central, MTV, Nickelodeon and BET, the premium channel Showtime, in addition to the Paramount Footage movie studio.
“In the present day marks an essential day for CBS and Viacom, as we unite our complementary belongings and capabilities and turn out to be considered one of only some corporations with the breadth and depth of content material and attain to form the way forward for our trade,” Bakish mentioned in an announcement.
ViacomCBS will look to “speed up” plans for its streaming companies together with CBS All Entry and Showtime following the merger, the corporate mentioned.
In complete, the mixed firm has greater than 750 sequence ordered or in manufacturing and has spent $13 billion within the final 12 months.
CBS and Viacom beforehand had merged in 1999, however break up off into separate corporations once more in 2006.
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