NEW YORK (CelebrityAccess) — National Amusements, the parent company of Viacom and CBS, has approved the proposed $30 billion merger of the two companies with an eye towards completing the deal by the end of the year.
In a statement released on Monday, the companies said that pending customary closing conditions, the all-stock deal will be completed in December.
When it completes, the newly-merged company will be led by Viacom CEO Bob Bakish and will operate as ViacomCBS Inc.
Bakish signed a four-year deal in August that includes a base salary of $3.1 million per year as well as various equity and performance-related compensation.
“Through our premium content scale, broadcast and cable leadership positions in markets across the U.S., Europe, Latin America, and Asia, global production capabilities, major Hollywood film studio, portfolio of streaming products, and industry-leading advertising and marketing solutions, ViacomCBS will be positioned to serve consumers, the creative community, commercial partners and employees, while creating long-term value for shareholders,” the two companies said.
