proposed 2019 merger of cbs and viacom

But Shari Redstone is looking to shake up the media landscape even beyond a merger between two major players. The culmination of the merger is the result of the tenacity of Redstone, the daughter of ailing Viacom founder Sumner Redstone, now 96. It’s an incredible collection of assets.”. “My father once said, ‘Content is king,’ and never has that been more true than today," Redstone, vice chair of the boards of CBS and Viacom, said in a release. The new company will be called ViacomCBS, and Viacom CEO Bob Bakish will be the CEO of the new combined company. CBS Form S-4 Registration Statement. © Copyright 2020 Variety Media, LLC, a subsidiary of Penske Business Media, LLC. “Shari is going to put it back together again,” said Mario Gabelli, founder and chief executive of Gabelli Asset Management Company Investors, one of the biggest holders of the preferred shares in CBS and Viacom. The company has promised to deliver at least $500 million in synergy savings within two years of the closing — a number that suggests that there will be inevitable layoffs as overlapping operations are eliminated. “The media company of the future, if it wants to be viable, has to incur greater levels of investment on a recurring basis," said Brian Wieser, global president of business intelligence at the advertising firm Group M, noting that the highly competitive field means each company will need to spend heavily in order to stand out from the crowd. We are setting up the organization of the company to enable us to leverage every asset we have.”. Both companies also have their own extensive content production units, which provide shows for outside parties, including the thriller “Jack Ryan,” starring John Krasinski, which Viacom made for Amazon. Aug. 13, 2019, 6:12 PM UTC. Here is a timeline of key events for CBS and Viacom over the past 20 years: SEPTEMBER: Sumner Redstone’s National Amusements Inc. sets $40 billion deal to acquire CBS and merge it with Viacom, MAY: Viacom completes CBS acquisition, including the purchase of King World Productions, JUNE: National Amusements announces plan to split CBS and Viacom into separate companies again. said Jessica Reif Ehrlich, senior media and entertainment analyst at Bank of America Merrill Lynch. Viacom’s Chris McCarthy adds Comedy Central, Paramount Network and Smithsonian channel to his portfolio. 0. During my career, I have crossed paths with Howard Stern, Joan Rivers, Hugh Hefner and Sylvester Stallone. Moonves ultimately departed the company in 2018 after allegations of sexual misconduct. All Rights Reserved, This is a BETA experience. Netflix, for example, spent $600 million alone on marketing last quarter. I cover media companies, networks, podcasters and online streaming, August 13, 2019 in New York City. During my spare time, I enjoy hanging out with my wife and son when I am not torturing myself watching Philadelphia sports teams. "The direction in which both companies have gone in the absence of my grandfather’s leadership is contrary to that which he had envisioned for success.".

Scale matters.”. ** Marc DeBevoise named CEO of CBS Interactive as longtime leader Jim Lanzone steps down.

About The … The ensuing competition for the best talent in Hollywood is driving the cost of content higher. “It’s been a long and winding road to get here. You may opt-out by. The merger of the two halves of the Redstone family media empire into ViacomCBS was completed Wednesday, just four months after the boards of CBS and Viacom reached an agreement on an all stock-swap transaction. Getting the merger over the finish line is a victory for Shari Redstone, who is the controlling shareholder in CBS and Viacom through her National Amusements Inc. holding company. Viacom owns Paramount Pictures, a variety of cable TV channels including as MTV and Comedy Central, Channel Five TV in the U.K., and Argentina's Telefe TV network.

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