CBS and Viacom Are Reunited Once More as Merger Completes
The two companies came together once again to seal the deal on Wednesday, four months after the boards of both parties agreed to an all stock-swap transaction. This new deal sees Viacom’s Paramount Pictures and subsequent cable channels, including MTV, Nickelodeon, Comedy Central and BET, come together with CBS’ broadcast network, Showtime, 28 O&O TV stations, CBS All Access, as well as Simon & Schuster. The new combined company is led by Viacom CEO Bob Bakish, who told Variety, "I can’t wait to get on with this. ViacomCBS is expected to generate annual revenue of approximately $28 billion and it has to its name the rights to 140,0000 episodes of TV and more than 3,600 movies, which equates to about 22% of all television content in the U.S. "We have an extraordinary opportunity to create value for a whole range of constituencies," Bakish said.