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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: 67649

Reported Deaths: 1912
CountyConfirmedDeaths
Hinds5656118
DeSoto368031
Harrison253036
Madison244368
Rankin229235
Jackson228843
Jones191659
Forrest182056
Washington168942
Lee147941
Lauderdale141192
Neshoba128692
Lamar122614
Oktibbeha112739
Bolivar111834
Warren109533
Lowndes108538
Panola106214
Sunflower105425
Scott100320
Lafayette98317
Copiah95728
Leflore94765
Pike93836
Holmes90049
Grenada84921
Yazoo83312
Lincoln83241
Pontotoc8308
Simpson80330
Monroe80155
Leake79025
Wayne77421
Coahoma77213
Tate73629
Marshall7019
Marion68420
Union64316
Adams62925
Winston62316
Covington62113
George5895
Pearl River55439
Newton54311
Tallahatchie53011
Attala52325
Walthall50120
Chickasaw47019
Noxubee45912
Alcorn4345
Tishomingo4216
Calhoun4209
Prentiss41710
Claiborne40913
Smith40613
Clay39714
Hancock39514
Jasper3889
Itawamba37510
Tippah36713
Tunica3517
Clarke32626
Montgomery3265
Lawrence3228
Yalobusha31510
Humphreys29411
Quitman2701
Carroll26111
Greene25512
Perry2437
Amite2356
Webster23512
Kemper23414
Jefferson Davis2336
Wilkinson21113
Stone2055
Sharkey1995
Jefferson1957
Benton1431
Choctaw1354
Franklin1312
Issaquena262
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 99926

Reported Deaths: 1781
CountyConfirmedDeaths
Jefferson13258244
Mobile10517207
Montgomery6835149
Madison544734
Tuscaloosa423076
Baldwin365125
Unassigned363064
Shelby330936
Marshall318937
Lee270047
Morgan241118
Etowah216232
DeKalb183013
Calhoun180717
Elmore173138
Walker153964
Houston141912
Russell13872
St. Clair135418
Limestone134913
Dallas133123
Franklin128820
Cullman122712
Colbert120716
Lauderdale118919
Autauga117421
Escambia108717
Talladega104814
Jackson10144
Tallapoosa86579
Chambers84438
Dale83525
Clarke82610
Blount8124
Chilton8097
Butler76736
Coffee7646
Covington73720
Pike7087
Marion58026
Barbour5765
Lowndes57324
Marengo56515
Hale47826
Bullock46611
Winston45711
Perry4454
Washington44312
Bibb4425
Wilcox43210
Monroe4215
Pickens4049
Randolph40310
Conecuh39310
Sumter36418
Lawrence3512
Macon33914
Crenshaw3265
Choctaw28712
Cherokee2758
Henry2643
Clay2635
Geneva2631
Greene25211
Lamar2292
Fayette2125
Cleburne1271
Coosa1033
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