Media giants Viacom and CBS have tied up again after 13 years of working separately.
Reports say that the deal valued at $30 billion, will reunite them with Paramount Pictures, CBS, Showtime and MTV sitting under one umbrella group, ViacomCBS. This is subject to regulatory approval.
Deadline says that under the deal, Viacom shareholders will receive 0.59625 CBS share for each non-voting share they own, which is an exchange ratio a bit below Viacom’s closing price last Friday.
Bob Bakish will lead the combined entity as President and CEO. Joe Ianniello, interim CEO of CBS since September 2018, will stay on as chairman and CEO of CBS, overseeing all CBS assets.
“Today marks an important day for CBS and Viacom, as we unite our complementary assets and capabilities and become one of only a few companies with the breadth and depth of content and reach to shape the future of our industry,” Bakish said.
“Our unique ability to produce premium and popular content for global audiences at scale – for our own platforms and for our partners around the world – will enable us to maximize our business for today, while positioning us to lead for years to come.”
Incidentally, Viacom also owns Indian broadcaster, Colors. The merger will no doubt expand ViacomCBS’ presence in India and other South Asian territories.