Bob Bakish
CBS and Viacom announced they have entered into a definitive agreement to combine in an all-stock merger, creating a combined company with more than US$28 billion in revenue.
The combined company, ViacomCBS Inc., will be a leading global, multiplatform, premium content company, with the assets, capabilities, and scale to be one of the most important content producers and providers in the world. The combined company will be a scale player globally, with leadership positions in markets across the U.S., Europe, Latin America, and Asia.
This includes the largest television business in the U.S., with the highest share of broadcast and cable viewing across all key audience demographics, and strength in every key category, including News, Sports, General Entertainment, Pop Culture, Comedy, Music, and Kids.
In addition, the combined company will possess a portfolio of fast-growing direct to consumer platforms, including both subscription and ad-supported offerings.
It will also include a major Hollywood film studio, Paramount Pictures, which has been a producer and global distributor of
filmed entertainment for more than a century and continues to be a global box office driver.
Bob Bakish, president and Chief Executive Officer, Viacom will lead the combined company as president and CEO; Joe Ianniello will serve as Chairman and CEO, CBS and Shari Redstone as Vice-Chair of the Boards of directors, CBS and Viacom.
“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. As we look to the future, I couldn’t be more excited about the opportunities ahead for the combined lead for years to come,” expressed Bakish.
The leadership team of the combined company will include Christina Spade as EVP and Chief Financial Officer; and Christa D’Alimonte as EVP, General Counsel, and Secretary.
The Board of Directors will consist of 13 members: six independent members from CBS, four independent members from Viacom, the president and CEO of ViacomCBS and two National Amusements, Inc. (NAI) designees. Shari Redstone will be appointed Chair.
