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2019 merger of CBS and Viacom

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Last Updated: 18 January 2022

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General | Latest Info

Merger Of Two Halves Of Redstone Family Media Empire Into ViacomCBS Was Completed Wednesday, Just Four Months After Boards Of CBS And Viacom Reached Agreement On All Stock-swap Transaction. Combine companies shares will begin trading Thursday on NASDAQ index under ticker symbols VIACA and VIAC. Deal Brings Viacoms Paramount Pictures And Cable Channels Such As MTV, Nickelodeon, Comedy Central And BET Together With CBS Broadcast Network, Showtime, 28 O & O TV Stations, CBS All Access And Simon & Schuster. Combined company, lead by Viacom CEO Bob Bakish, will annual revenue of about 28 billion. I ca wait to get on with this, Bakish Variety on Tuesday. It been long and winding road to get here. It is incredible collection of assets. Getting merger over finish line is victory for Shari Redstone, who is controlling shareholder in CBS and Viacom through her National Amusements Inc. Holding Company. Redstone has sought to reunite CBS and Viacom, which were brought together in 2000 by her father, Sumner Redstone. But Sumner Redstone decided to split them up again, as of January 2006, out of frustration with ' sagging stock price. Shari Redstone will serve chairman of ViacomCBS. That capstone of her three-year quest to reshape her familys media holdings after years of Executive rivalries, fiefdoms and Executive largess AT companies that are less vulnerable to shareholder pressure on performance because of NAIs iron on about 80 percentage of voting shares in both firms. Indeed, merger process was able to close quickly because Securities and Exchange Commission and other Federal regulators already consider Viacom and CBS to be under same roof. Challenge For Bakish And Redstone This Time Around Is To Make ViacomCBS Function As Integrated Company, Something That Did Not Happen During First Merger. CBS Corp. Assets will have dedicated leader in Joe Ianniello, who shifts from Acting CEO to chairman-CEO of CBS, structure that was mandated by CBS Corp. Board as part of merger. That has raised questions whether companies will remain balkanized. But enlarge ViacomCBS will emerge to do battle in much more treacherous competitive landscape than they faced two decades ago. Even in bolting companies there are questions about whether ViacomCBS is big enough to do battle with tech giants that are up-ending traditional media and entertainment. CBS Corp. Has also been battered by allegations that its corporate allows harassment and discrimination to persist. Ouster Of Former CBS Chairman-CEO Leslie Moonves In September 2018 Amid Allegations Of Past Sexual Misconduct Set Stage For CBS-Viacom Reunion. Shari Redstone has frequently cited importance of healthy and vibrant creative culture within CBS and Viacom as one of her top governance priorities. While merger is now complete, new company has work to do on Wall Street.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

History

It's been nearly 20 years since Viacom and CBS first announced their intent to merge, in 35 billion deal that was billed AT Time as biggest ever in showbiz. When Viacom's Sumner Redstone and then-CBS president and CEO Mel Karmazin revealed plan on Sept. 7 1999, press conference, combined Viacom / CBS empire was valued at AT 80 billion. That original merger would ultimately only last five years, as Redstone moved to split Viacom and CBS back into separate companies in keeping his oversight over both, of course. But in early days of merger, outlook was rosy. Redstone calls and CBS natural partners. Redstone is now incapacitate, his empire in hands of his daughter, Shari Redstone, who is guiding CBS and Viacom back together. But even AT time of original merger, question of elder Redstones advance age he was 76 was topic of concern, which is why succession plan was discuss. As part of original plan, Redstone kept Chairman / CEO title over all of Viacom, with Karmazin in line as president and COO, and as Redstones eventual replacement. Of course, Karmazin was eventually pushed by Redstone. But AT time, Redstone say, I insisted come with deal. Guy is brilliant. They were kindred spirits. Ironically, Viacom's has always come from CBS. Original Viacom Was First Created In 1970s After Justice Department Forced CBS To Sell Off Its Syndication Unit. Originally just distribution company, Viacom began purchasing TV stations and then cable outlets. Then Redstones National Amusements took control of company in 1986, and he began acquisition spree that included Paramount Communications in 1994 and Blockbuster Video, which included Spelling Entertainment, in 1995. Viacom Acquisition Comes Nearly Five Years After Westinghouse Paid 5. 4 billion CBS in 1995. In acquiring CBS, Redstone tout ability to advertise and Paramount and Viacom content across CBS TV and radio stations, as well as outdoor billboards. Deal Was Seen As Complimentary: CBS Was Mostly In Broadcast, While Viacom's Strengths Were In Film And Cable TV. CBS / Viacom Merger Was So Big AT Time That Senate Antitrust Subcommittee Chairman Mike DeWine Called Merger Little Scary. Among chief that CBS / Viacom would own two broadcast networks, as Viacom was simultaneously buying out its 50 / 50 partnership with Chris-Craft to become sole owner of weblet UPN. Viacom threatened to shut down UPN if it couldnt keep small network in merger, and regulators ultimately allowed company to keep it along with CBS. Because it oversees broadcast licenses, FCC was final step in blessing Viacom / CBS, which it did on May 3 2000. First Real Test Of Power Of Combined Companies Came Soon After, When Survivor Premiered To Stunning Ratings And Redstone Credits Merged Companies Increased Footprint For Helping Promote Show.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

Finally together

After years of on-again, off-again merger talks, broadcast giant CBS Corp. And its corporate sibling Viacom Inc. On Tuesday finally agreed to reunite in nearly 12-billion deal that will bring together such well-know brands as CBS, MTV, Nickelodeon and Showtime. CBS, which is larger of two companies and worth 18. 5 billion, will absorb smaller Viacom, which owns such assets as BET, Comedy Central and Paramount Pictures movie studio in Hollywood. New Company Will Be Called ViacomCBS Inc., In Nod To Legacy Of Sumner Redstone, Ailing 96-year-old Media Titan Who Built Empire From Small Chain Of Drive-in Movie Theaters In Northeast. Viacom Chief Executive Bob Bakish will become President and Chief Executive of new entity, and gain seat on Board. Shari Redstone, moguls daughter, will become first chairwoman in Viacom history. Propose Merger Of Two New York-base Companies Is Latest In Wave Of Entertainment Industry Consolidations And Was Widely Expect. It was third time in three years that CBS and Viacom attempted to hook up. Last year, colossus AT & T bought HBO, CNN, TBS and Warner Bros. Studio in 85-billion deal. In March, Walt Disney Co. Complete 71. 3-billion acquisition of much of Murdoch's Hollywood holdings. CBS and Viacom suddenly find themselves medium-sized players, no longer leaders of industry. But it wasnt just industry and splintering audiences that drive two companies together. Both were by years of internal turmoil: boardroom battles, costly lawsuits, financial miscalculations and Management woes. Investors respond favorably to news. Viacom shares closed AT 29. 21, up 2. 4 percentage while shares rose 1. 3 percentage to 48. 70. Redstone Family, Through Its Massachusetts-base Investment Vehicle, National Amusements Inc., Control Nearly 80 Percentage Of Voting Shares Of Two Companies. Family Firm Has Already Approved All-stock Transaction. Existing CBS shareholders will own 61 percentage of combined company, while existing Viacom shareholders will own about 39 percentage . Viacom shareholders will receive. 59625 shares of CBS stock for Viacom share that they own. On Tuesday, Wall Street valued Viacom AT 12 billion. New Company Will Be One Of Largest Players In TV Advertising, Capturing Estimated 22 Percentage Of Viewership To Traditional Television. That will be in same league as Comcast Corp., Which owns NBCUniversal, and ahead of Walt Disney Co. Combine, companies spend more than 13 billion year to produce content. It will have growing presence in streaming space and access to library stock with more than 140 000 television episodes and more than 3 600 movie titles. Company Also Has International Exposure With Networks In Britain, Australia And Argentina. CBS ' premium channel, Showtime, will have access to movies from Paramount Pictures ' deep library, which includes such properties as Godfather, Top and Transformers.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

Sources

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

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