Entertainment giants CBS Corp. (NYSE: CBS.A, CBS) and Viacom (NASDAQ: VIA, VIAB) entered into a definitive agreement to combine in an all-stock merger.
This creates a combined company with more than $28 billion in revenue
The combined company, ViacomCBS Inc., will be a global, multiplatform, premium content company, with leadership positions in markets across the U.S., Europe, Latin America and Asia.
The portfolio of consumer brands include CBS, Showtime, Nickelodeon, MTV, BET, Comedy Central and Paramount Network, as well as a library of iconic intellectual property, spanning every key genre and addressing consumers of all ages and demographics. This library comprises 140,000+ TV episodes and 3,600+ film titles, and reunites fan-favorite franchises such as Star Trek and Mission: Impossible. The combined company will also have more than 750 series currently ordered to or in production. In addition, it will include a major Hollywood film studio, Paramount Pictures.
Bob Bakish, President and Chief Executive Officer, Viacom, will become President and Chief Executive Officer of the combined company.
Joe Ianniello, President and Acting Chief Executive Officer, CBS, will become Chairman and CEO of CBS.
In addition to Bakish and Ianniello, the leadership team of the combined company will include Christina Spade as EVP and Chief Financial Officer; and Christa D’Alimonte as EVP, General Counsel and Secretary.
The Board of Directors will consist of 13 members: six independent members from CBS, four independent members from Viacom, the President and CEO of ViacomCBS and two National Amusements, Inc. (NAI) designees. Shari Redstone will be appointed Chair.
The deal is subject to regulatory approvals and other customary closing conditions. It is expected to close by the 2019 calendar year end.
FinSMEs
14/08/2019