CBS, Viacom Complete Merger in a Win for Shari Redstone

The New York Times Finance 1 week ago

(Reuters) - CBS Corp and Viacom Inc completed their merger on Wednesday, reuniting media mogul Sumner Redstone's U.S. entertainment empire.

The combined entity, ViacomCBS Inc, is controlled by National Amusements Inc, the holding company owned by billionaire Sumner Redstone and his daughter, Shari.

The third attempt at a merger since 2016 is a decisive win for Shari Redstone, whose father built the companies through a series of mergers and then broke them apart 13 years ago.

The recombination comes amid an increasingly competitive media landscape dominated by Disney and Netflix, prompting Redstone to pursue a merger.

The deal combines the CBS television network, CBS News, Showtime cable networks with MTV Networks, Nickelodeon, Comedy Central and the Paramount movie studios.

Together, they will own more than 140,000 TV episodes and 3,600 film titles. Annually, it is estimated to generate about $28 billion (£21.82 billion) in revenue.

The company said it will account for 22% of TV viewership in the U.S. and hold the highest share of broadcast and cable viewing across key audience demographics.

Class A and Class B shares of the combined company will begin trading on the Nasdaq on Dec. 5, ViacomCBS said.

(Reporting by Sanjana Shivdas in Bengaluru; Editing by Anil D'Silva)


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One America News Network › Finance › 1 week ago
(Reuters) - CBS Corp and Viacom Inc completed their merger on Wednesday, reuniting media mogul Sumner Redstone's U.S. entertainment empire.
Reuters › Finance › 1 week ago
CBS Corp and Viacom Inc completed their merger on Wednesday, reuniting media mogul Sumner Redstone's U.S. entertainment empire.
New York Post › Finance › 1 month ago
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New York Post › Finance › 3 weeks ago
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Washington Examiner › Entertainment › 1 month ago
Sources familiar with the pending merger of CBS and Viacom have said that majority owner Shari Redstone is eyeing a possible channel dedicated to conservative news, a move that could mean a ratings challenger for Fox News.
Business Insider › Entertainment › 1 month ago
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The Week › 1 month ago
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The Wall Street Journal › Finance › 1 month ago
Shari Redstone said the combination of Viacom and CBS, the companies that make up her family’s media empire, will create a content giant that can compete with larger industry rivals.
CNN › 1 week ago
CBS and Viacom, corporate cousins for the past decade, are now one. Shari Redstone's long-sought merger of the two media companies took effect on Wednesday afternoon, and ViacomCBS will start trading on the NASDAQ on Thursday morning.
The New York Times › Finance › 2 weeks ago
A Delaware judge on Monday ordered broadcaster CBS Corp to turn over records regarding its plan to reunite with Viacom Inc to a shareholder who wants to investigate if the deal unfairly benefits Shari Redstone, who controls both companies.
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