CBS and Viacom Complete Merger: ‘It’s Been a Long and Winding Road to Get Here’

Published on Dec 05, 2019

CBS Corp. and Viacom are united once again.

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. The combined company’s shares will begin trading Thursday on the Nasdaq index under the ticker symbols Viaca (for preferred shares largely held by the Redstones) and Viac (for common shares).

The deal brings Viacom’s Paramount Pictures and cable channels such as MTV, Nickelodeon, Comedy Central and Bet together with the CBS broadcast network, Showtime, 28 O&O TV stations, CBS All Access and Simon & Schuster. The combined company, lead by Viacom CEO Bob Bakish, will have annual revenue of about $28 billion.

“I can’t wait to get on with this,” Bakish told Variety on Tuesday. “It’s been a long and winding road to get here.

Read full article at: Variety - Film News

Author: Cynthia Littleton