CBS And Viacom Finally Announce A Merger Deal
CBS Corporation (NYSE: CBS) and Viacom Inc (NASDAQ: VIAB) announced Tuesday afternoon they're merging, reuniting the entertainment companies that split more than a decade ago as they seek to compete in a world changing how it watches TV and movies. The merger, which follows months and months of talks, creates a combined company with more than $28 billion in revenue. The companies said in a press release that they agreed to an all-stock merger that would combine the largest U.S. television business with a major Hollywood studio in Paramount Pictures and other businesses that "accelerate CBS and Viacom's ability to deliver an array of compelling content to important and diverse audiences across both traditional and emerging platforms around the world." What It Means. It joins Viacom properties that include cable networks MTV, Nickelodeon, and Comedy Central, as well as the Paramount TV and film studio, with CBS, which brings to the table its broadcast TV network and the Showtime cable network.