NEW YORK (CelebrityAccess) — Broadcasting and media giant CBS announced that it has entered into an agreement to combine with the entertainment conglomerate Viacom.
When complete, the all-stock merger will result in a combined company, ViacomCBS Inc., with more than $28 billion in revenue and about a massive 22% market share of U.S. television audiences.
Both companies bring numerous high profile brands to the deal, including the major Hollywood film studio, Paramount Pictures, as well as CBS, Showtime, Nickelodeon, MTV, BET, Comedy Central and Paramount Network.
Perhaps more importantly, the deal will combine a massive amount of content to service CBS’s direct-to-consumer platforms, CBS All Access and Showtime, including a library of 140,000+ premium TV episodes and 3,600+ film titles.
The two companies are controlled by National Amusements Inc, the holding company owned by media titan Sumner Redstone and his daughter, Shari, who is widely believed to be his heir apparent.
Previous attempts to merge the two companies have faltered over friction at integrating senior positions at the two companies and the companies’ relative valuation, Reuters reported.
“I am really excited to see these two great companies come together so that they can realize the incredible power of their combined assets. My father once said ‘content is king,’ and never has that been more true than today,” said Shari Redstone, Vice Chair of the Boards of Directors, CBS and Viacom.
“Through CBS and Viacom’s shared passion for premium content and innovation, we will establish a world-class, multiplatform media organization that is well-positioned for growth in a rapidly transforming industry. Led by a talented leadership team that is excited by the future, ViacomCBS’s success will be underpinned by a commitment to strong values and a culture that empowers our exceptional people at all levels of the organization,” Shari Redstone added.