CBS & Viacom Finally Reunited

• After 13 years apart, CBS Corporation and Viacom announced they have entered into a definitive agreement to combine in an all-stock merger, creating a combined company — to be called ViacomCBS Inc., a large corporate umbrella that includes CBS Television, CBS All Access, Showtime, Comedy Central, MTV, Nickelodeon and BET, as well as Paramount Pictures, the Paramount Network and other media assets. Bob Bakish, President & Chief Executive Officer of Viacom, will become President & CEO of the combined company, while Joe Ianniello, President & Acting CEO of CBS, will become Chairman & CEO of CBS.

Bakish (left) said, “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. Our unique ability to produce premium and popular content for global audiences at scale — for our own platforms and for our partners around the world — will enable us to maximize our business for today, while positioning us to lead for years to come. As we look to the future, I couldn’t be more excited about the opportunities ahead for the combined company and all of our stakeholders — including consumers, the creative community, commercial partners, employees and, of course, our shareholders.”

Ianniello (left) commented, “This merger brings an exciting new set of opportunities to both companies. At CBS, we have outstanding momentum right now — creatively and operationally — and Viacom’s portfolio will help accelerate that progress. I look forward to all we will do together as we build on our ongoing success. And personally, I’m pleased to remain focused on CBS’s top priority — continuing our transformation into a global, multiplatform, premium content company.”

Shari Redstone, Vice Chair of the Boards of Directors of CBS and Viacom, said, “I’m really excited to see these two great companies come together so that they can realize the incredible power of their combined assets. My father [Sumner Redstone] once said ‘content is king,’ and never has that been more true than today. 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.”