CBS and Viacom are merging to become ViacomCBS Inc.
The long-awaited deal between the two media giants puts some of the biggest brands in entertainment back under one corporate banner. Those brands include CBS' broadcast network, the streaming service CBS All Access, movie studio Paramount and cable networks like Showtime, MTV, Nickelodeon, BET and Comedy Central.The all-stock merger creates a company with more than $28 billion in revenue.Bob Bakish, the current CEO of Viacom, will become CEO of the new company.
"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 a statement on Tuesday."My father once said 'content is king,' and never has that been more true than today."The deal comes during a volatile period in the media industry. Multiple other companies have done similar deals in an attempt to gain scale and combat challenges from digital-native rivals.
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