CBS and Viacom say they will reunite, bringing together their networks and the Paramount movie studio as traditional media giants challenge streaming companies like Netflix.
CBS and Viacom said Tuesday they will reunite, bringing together their networks and the Paramount movie studio as traditional media giants bulk up to challenge streaming companies like Netflix.
Acting CBS CEO Joe Ianniello will become chairman and CEO of the CBS division in the combined company. Moody's media analyst Neil Begley said the CBS-Viacom reunion would help cut costs and provide greater scale for creating and distributing content. Begley said the combined entity might have to consider other acquisitions to keep up with competitors. However, the number of possible targets is dwindling, he said, with what's left mostly smaller companies such as the Discovery and the AMC television networks and the MGM and Lionsgate movie studios.CBS split from Viacom in 2006, but both remained controlled by National Amusements. Shari Redstone, daughter of media mogul Sumner Redstone, runs the holding company.
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