PublicWire | Emerging Market Stock News
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
No Result
View All Result
PublicWire
No Result
View All Result

Home » Entertainment » CBS, Viacom inks merger to reunite as ViacomCBS

Photo: Kristin Dos Santos | Flickr | CC BY-SA 2.0

Photo: Kristin Dos Santos | Flickr | CC BY-SA 2.0

CBS, Viacom inks merger to reunite as ViacomCBS

by PublicWire
August 13, 2019
in Entertainment
Reading Time: 2 mins read
0

After years of on-and-off talks, Viacom and CBS have finally reached a merger deal creating a new company that will be called ViacomCBS.

The company born out of the merger will see Viacom’s Bob Bakish as the CEO of the combined company while Joe Ianiello, who was serving as CEO since last year, will be the chairman of CBS and will be in charge of CBS assets after the merger.

As part of the deal, a 61-39 shareholder division will be observed where existing shareholders of CBS will own 61% of the new company while Viacom shareholders, who will earn  .59625 shares of CBS shares, will own 39% of ViacomCBS.

The merger marks the reunification of the two companies owned controlled by Sumner Redstone’s National Amusements, where Viacom spun off CBS in 2006. The daughter of the company’s patriarch, Shari, has long been working on reuniting the two companies in a bid to compete in the more vigorous market competition where competitors like Disney, Comcast, and AT&T  have been scoring megadeals to gain momentum in the corporate environment.

The merger will add movie studio Paramount Pictures, cable networks such as Comedy Central, MTV, Nickelodeon and BET, and other assets including the streaming service Pluto TV and South Park Studios to CBS, which owns the eponymous broadcast network, Showtime, and other assets. The merger will also help the companies compete with Netflix, Amazon, and other legacy media companies on spending.

“I am really excited to see these two great companies come together so that they can realize the incredible power of their combined assets,” Redstone said in the statement. “My father once said, ‘content is king,’ and never has that been truer than today.”

The companies estimate $500 million in annualized run-rate synergies within 12 to 24 months. 

Previous Post

US postpones tariff on some Chinese imports

Next Post

Aurora Cannabis hovers trade flat amid strong market

PublicWire

At PublicWire, we know the vast majority of all investors conduct their due diligence and get their news online in a variety of ways including email, social media, financial websites, text messages, RSS feeds and audio/video podcasts. PublicWire’s financial communications program is uniquely positioned to reach these investors throughout the U.S. and Canada as well as on a global scale.

Related Posts

Photo: kaktuslampan | Flickr | CC BY 2.0
Entertainment

Little Pony makers acquires Peppa Pig producers

August 23, 2019
0
Entertainment

China’s Netflix counterpart, iQiyi, had their first 100M subs but stocks still plunged 10%

August 20, 2019
0
CEO says media companies are not a threat to Roku. Photo: Steve Johnson | Flickr | CC BY 2.0
Entertainment

Roku continues to excite the market as potential from new market entrants grow

August 12, 2019
0
Photo by freestocks.org on Unsplash
Entertainment

Disney “incrementally bullish” to reach 2020 goals amid market war with Netflix

August 8, 2019
0
CEO says media companies are not a threat to Roku. Photo: Steve Johnson | Flickr | CC BY 2.0
Entertainment

Roku’s CEO: Media Giants Are Partners And Not Enemies

May 18, 2019
0
Entertainment

Esports Entertainment Group To Exhibit For Over 400,000 Gamers at gamescom 2018, World’s Largest Gaming Conference

April 26, 2019
0
Next Post

Aurora Cannabis hovers trade flat amid strong market

Please login to join discussion

Subscribe To Our Newsletter

Loading
Ad
PublicWire | Emerging Market Stock News 24/7 | Investor Relations US Stock Market

© Copyright 2022 publicwire.com

Navigate Site

  • About
  • Contact Us
  • Disclaimer
  • Watch LIVE
  • Privacy Policy
  • Terms and Services
  • Contributors

Follow Us

No Result
View All Result
  • LIVE Investor News Channel
  • Cannabis
  • Energy
  • Finance
  • General
  • Medical
  • Podcasts
  • Retail
  • Technology
  • Videos

© Copyright 2022 publicwire.com

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.