The long-awaited tie up of CBS and Viacom completed on schedule Wednesday (Dec. 4), just four months after the National Amusements-owned media companies inked a deal to reunite.
The “content powerhouse” brings the companies’ respective brands – including CBS, Showtime, Nickelodeon, MTV, BET, Comedy Central and Paramount Pictures — under a single roof for the first time since splitting in 2006.
ViacomCBS will be home to more than 140,000 premium TV episodes and 3,600 film titles, with global production capabilities and more than US$13 billion in annual content investment.
CBS president and acting CEO Joe Ianniello becomes chairman and CEO of CBS. Shari Redstone, National Amusements president, will be appointed chair of the merged entity.
Its content scale will support a “robust streaming strategy,” ViacomCBS stated in a release, including the media giant’s own suite of advertising and subscription-based offerings.
The company will account for 22% of TV viewership in the U.S., with a presence in markets across Europe, Latin America and Asia.
“This is a historic moment that brings together two iconic companies to form one of the world’s most important content producers and providers,” Bob Bakish, president and CEO of ViacomCBS said in a statement. “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.”