CBS and Viacom are finally, really, back to together. Less than four months after announcing their intentions to rejoin as one company, the companies closed their merger on Wednesday, beginning the new ViacomCBS era.
The merger took effect following the closing bell on Wednesday. ViacomCBS Inc. will begin trading on the Nasdaq on Thursday under ticker symbols VIACA and VIAC. The move puts the CBS broadcast network, Viacom’s stable of cable channels like MTV and Nickelodeon, and the Paramount film and TV studio under one roof.
The two companies agreed in August to an all-stock deal that valued Viacom at roughly $12 billion. CBS shareholders will own approximately 61% and Viacom shareholders will own approximately 39% of the new company. In making the announcement, ViacomCBS touted an annual revenue of $28 billion.
Bob Bakish will be president and chief executive officer of the combined company, which has been moving executives in, out and around in preparation for the recombination. Joe Ianniello, who had been serving as acting president and CEO since late 2018, will be chairman and CEO of CBS, putting him in charge of all CBS-branded assets.
“This is a historic moment that brings together two iconic companies to form one of the world’s most important content producers and providers,” said Bakish. “Through the combination of CBS’s and Viacom’s complementary assets, capabilities and talented teams, ViacomCBS will create and deliver premium content for its own platforms and for others, while providing innovative solutions for advertisers and distributors globally. I am excited about the opportunity we have to serve our audiences, creative and commercial partners, and employees, while generating significant long-term value for our shareholders.”
Shari Redstone, president of National Amusements Inc., which is the controlling stakeholder for both companies, will serve as chairman of the board of ViacomCBS. The 13-person board will consist of six members from CBS board, four from Viacom and two from National Amusements. Bakish, as CEO of ViacomCBS, will be on the board as well.
(Excerpt) Read more in: The Wrap
