STREAMING NOW: Watch Now

CBS and Viacom reunite in merger

MGN Online

CBS and Viacom are merging to become ViacomCBS Inc., they announced Tuesday.The long-awaited deal b...

Posted: Aug 13, 2019 1:57 PM
Updated: Aug 13, 2019 9:30 PM

CBS and Viacom are merging to become ViacomCBS Inc., they announced Tuesday.

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. Joe Ianniello, acting chief executive of CBS, will become chairman and CEO of CBS.

'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,' Bakish said in a statement on Tuesday.

The merger is a reunion for CBS and Viacom. The two companies used to be one, but split in 2006. Shari Redstone, the president of CBS's parent company National Amusements, has been trying for years to reunite the two. Her efforts were initially stymied by former CBS chief Les Moonves, who left his role last September amid a flurry of sexual misconduct allegations against him.

'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. Disney bought much of what was once 21st Century Fox, for instance, and AT&T purchased Time Warner — now WarnerMedia — including CNN. Disney, WarnerMedia and other legacy media companies are also debuting new streaming services in the coming months in part to compete with Netflix and Amazon.

The merger of CBS and Viacom will 'create the second largest player in US TV advertising' and the improved scale of the companies could create a stronger negotiating position with third parties, according to research firm Moffett Nathanson.

'CBS's and Paramount's production asset will quickly move up the ranks to challenge the big boys of Disney, Comcast, AT&T and Netflix and will be an attractive home for creative talent,' Moffett Nathanson analysts said in a note to clients on Friday.

The announcement comes after weeks of media reports and rumors regarding negotiations between CBS and Viacom. The companies' stocks both jumped when the merger talks were reported in late May.

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 36680

Reported Deaths: 1250
CountyConfirmedDeaths
Hinds299254
DeSoto195920
Madison148439
Jones122449
Harrison117716
Rankin112619
Neshoba104677
Forrest103843
Lauderdale96681
Scott82415
Jackson79819
Washington73713
Copiah67016
Leake63420
Lee62822
Oktibbeha61928
Grenada6049
Warren60021
Holmes59541
Lamar5837
Wayne56519
Yazoo5607
Lowndes54817
Leflore53456
Lincoln53335
Lafayette5064
Pike50520
Sunflower5048
Monroe46135
Panola4546
Covington4465
Simpson4433
Bolivar41218
Tate39213
Attala38624
Newton37610
Adams35820
Pontotoc3556
Marion34512
Claiborne30811
Pearl River30332
Winston30111
Chickasaw30019
Marshall2923
Jasper2816
Noxubee2799
Walthall2708
Clay26111
Union25412
Smith25212
Coahoma2306
Clarke22325
Lawrence2132
Yalobusha2089
Tallahatchie1954
Kemper18414
Carroll18211
Montgomery1793
Calhoun1705
Humphreys16910
Hancock14813
Itawamba1478
Tippah14611
Webster13411
Jefferson1283
Prentiss1274
Jefferson Davis1254
Tunica1253
George1233
Greene11610
Amite1123
Alcorn1072
Tishomingo1061
Quitman1011
Wilkinson989
Perry914
Stone772
Choctaw764
Franklin542
Sharkey480
Benton470
Issaquena101
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 54768

Reported Deaths: 1096
CountyConfirmedDeaths
Jefferson6746170
Mobile4904140
Montgomery4547112
Tuscaloosa269053
Madison22689
Marshall198011
Shelby169125
Lee159637
Morgan13385
Baldwin127711
Walker107532
Elmore106721
Etowah101114
Dallas10029
DeKalb9677
Franklin93816
Autauga69815
Russell6860
Unassigned67928
Chambers67730
Butler65229
Limestone6393
Tallapoosa63069
Cullman6156
Houston6077
Lauderdale5776
St. Clair5443
Calhoun5155
Colbert5096
Escambia4888
Lowndes48422
Pike4795
Jackson4352
Coffee4284
Covington41612
Talladega4017
Barbour3992
Dale3951
Bullock37810
Hale35423
Marengo35411
Chilton3312
Blount3201
Clarke3176
Wilcox3038
Winston2995
Sumter29213
Marion29014
Pickens2746
Randolph2639
Monroe2603
Perry2502
Conecuh2318
Bibb2241
Macon2199
Choctaw21712
Greene1989
Henry1553
Washington1488
Lawrence1360
Crenshaw1323
Cherokee1247
Geneva980
Lamar891
Clay852
Fayette851
Coosa661
Cleburne451
Out of AL00
Tupelo
Few Clouds
90° wxIcon
Hi: 91° Lo: 71°
Feels Like: 92°
Columbus
Clear
93° wxIcon
Hi: 91° Lo: 69°
Feels Like: 101°
Oxford
Clear
90° wxIcon
Hi: 91° Lo: 68°
Feels Like: 91°
Starkville
Clear
88° wxIcon
Hi: 89° Lo: 67°
Feels Like: 91°
WTVA Radar
WTVA Temperatures
WTVA Severe Weather