Merger of CBS and Viacom; Creates ViacomCBS
This creates a combined company with over $ 28 billion in revenue
The combined company, ViacomCBS Inc., will be a global, multiplatform, premium content company with market leadership positions in the United States, Europe, Latin America and Asia.
The mainstream brand portfolio includes CBS, Showtime, Nickelodeon, MTV, BET, Comedy Central and Paramount Network, as well as an iconic intellectual property library, spanning all key genres and aimed at consumers of all ages and all. demographic groups. This library includes over 140,000 TV episodes and over 3,600 movie titles, and brings together fan favorite franchises such as Star Trek and Mission: Impossible. The combined company will also have more than 750 series currently on order or in production. In addition, it will include a major Hollywood film studio, Paramount Pictures.
Bob Bakish, President and CEO of Viacom, will become President and CEO of the combined company.
Joe Ianniello, Interim President and CEO of CBS, will become Chairman and CEO of CBS.
In addition to Bakish and Ianniello, the combined company’s management team will include Christina Spade as Executive Vice President and Chief Financial Officer; and Christa D’Alimonte as Executive Vice President, General Counsel and Secretary.
The Board of Directors will be composed of 13 members: six independent members of CBS, four independent members of Viacom, the President and CEO of ViacomCBS and two individuals appointed by National Amusements, Inc. (NAI). Shari Redstone will be appointed president.
The transaction is subject to regulatory approvals and other customary closing conditions. It is expected to close by the end of calendar year 2019.