0. However, the newly merged company will be small in comparison with its competitors — Disney has a market capitalization of $245 billion, while Netflix is currently valued at $136 billion and Comcast is worth $193 billion. Together, CBS and Viacom will offer a plethora of paid and free streaming services. “In 2006, when my grandfather separated CBS and Viacom, he did so intending for these companies always to remain separate," Keryn Redstone said. ** Shari Redstone says she believes that scale matters in media and says she “wasn’t a great proponent” of the 2006 separation of CBS and Viacom. Moonves ultimately departed the company in 2018 after allegations of sexual misconduct. CBS Corp. and Viacom Inc. have cleared a couple of key hurdles in their $30 billion merger, enabling the two media conglomerates to move up the timeline for re-combining their businesses. ** CBS folds UPN into joint venture with Warner Bros.’ WB Network to create CW Network, SEPTEMBER: Longtime Sumner Redstone attorney Philippe Dauman replaces Freston as CEO of Viacom, MARCH: Viacom files $1 billion copyright infringement lawsuit against YouTube and Google, MAY: CBS buys CNET Networks for $1.8 billion, MARCH: CBS buys 50% of TV Guide Network, co-owned with Lionsgate, JUNE: CBS completes spinoff of its outdoor advertising division, honing its focus on content production and distribution, SEPTEMBER: Viacom buys U.K. broadcaster Channel 5, OCTOBER: CBS launches CBS All Access subscription streaming service. FEBRUARY: Sumner Redstone resigns as chairman of CBS and Viacom amid shareholder pressure and questions about his mental competency. The newly merged company will house a host of valuable media assets. Aug. 13, 2019, 6:12 PM UTC. 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. Together, they will control around $11 billion in advertising revenue and become a formidable negotiating force when it comes to gaining distribution with cable and satellite partners. “We have an extraordinary opportunity to create value for a whole range of constituencies,” Bakish said. (Photo by Drew Angerer/Getty Images). ViacomCBS Merger Press Release. You may opt-out by. Variety and the Flying V logos are trademarks of Variety Media, LLC. CBS and Viacom reach merger deal, ending years of discussions Published Tue, Aug 13 2019 2:10 PM EDT Updated Tue, Aug 13 2019 3:00 PM EDT Alex Sherman @sherman4949 But the combined company will still be far smaller than many of the media titans that it will need to compete with. Shares finished at $34.59, up a fraction. “The people who got in at this (low share) price are going to be happy campers.”.
As for those holding stock in CBS or Viacom: “The marriage, while not made in heaven, is certainly going to be heavenly for the shareholders. Two years later, CBS rejected Redstone's merger … ** Sumner Redstone removes Philippe Dauman and George Abrams as trustees of the trust that will inherit his National Amusements holdings after his death. Venues in Response to ‘No Time to Die’ Delay, Regal, Cineworld Confirms Temporary Suspension of U.S., U.K. Operations, Theater Owners Chief Blames ‘No Time to Die’ Delay on Gov. Shari Redstone has frequently cited the importance of a healthy and vibrant creative culture within CBS and Viacom as one of her top governance priorities. The merger is the latest consolidation in the entertainment industry, following Disney’s acquisition of large parts of Fox, and AT&T’s takeover of Time Warner. ** Marc DeBevoise named CEO of CBS Interactive as longtime leader Jim Lanzone steps down. Amendment No. Marva Smalls is tapped to serve as global head of inclusion. ViacomCBS expects to offer more financial guidance for the company after the release of the enlarged company’s first earnings report in February. “We have a tremendous library and ongoing production that we can deliver for our owned platforms and third-party buyers. Oct 24, 2019.
held informal talks with both Sony Pictures Entertainment and Discovery Communications. She urged CBS and Viacom to merge in 2016 but withdrew her proposal in the wake of opposition from CBS CEO Les Moonves. ** Showtime Networks CEO David Nevins named chief content officer for CBS Corp. ** Showtime’s Christina Spade named chief financial officer of CBS Corp. JANUARY: Viacom acquires ad-supported streaming platform Pluto TV for $340 million, MARCH: CBS buys out Lionsgate’s 50% stake in Pop (formerly TV Guide Network), APRIL: Ianniello’s contract as CBS acting CEO is extended through Dec. 31. He is named chairman emeritus of both companies. Indeed, the merger process was able to close quickly because the Securities and Exchange Commission and other federal regulators already considered Viacom and CBS to be under the same roof. According to recent prices, Viacom has a market value of $12.4 billion. CBS-Viacom: 20 Years Later, a Look Back at the High Hopes and Eventual Collapse of That First Merger By Michael Schneider, Brian Steinberg. ** Six new CBS board members are elected. Tom Freston named CEO of Viacom. I have the rare distinction among media writers of angering both Keith Olbermann and Cap'n Crunch.
On the day before the deal closed, Bakish was nothing but bullish about the company’s ability to thrive amid the growing global demand for content and the increasing value to be mined from large film and TV libraries, which ViacomCBS has to the tune of 140,000 episodes of TV and more than 3,600 movie titles. Aug 13, 2019. (Pictured: Bob Bakish, Shari Redstone, Joe Ianniello). NEW YORK--(BUSINESS WIRE)--Oct. 28, 2019-- CBS Corporation (NYSE: CBS.A, CBS) and Viacom Inc. (NASDAQ: VIAB, VIA) today announced that the registration statement on Form S-4 (No.
After three years of negotiations, CBS and Viacom are coming together to form a $30 billion company, controlled by Shari Redstone and cementing her status as possibly the most influential woman in media. Moonves has denied the accusations. During my spare time, I enjoy hanging out with my wife and son when I am not torturing myself watching Philadelphia sports teams. Following years of on-and-off talks and negotiations, CBS and Viacom have agreed to merge. Nov 25, 2019. CBS and Viacom split up in 2006, under the theory that more value would be unlocked by “freeing” Viacom from the then-sluggish, broadcast-heavy CBS … CBS stock finished the week at $50.40, down a fraction. The challenge for Bakish and Redstone this time around is to make ViacomCBS function as an integrated company — something that did not happen during the first merger. But the enlarged ViacomCBS will emerge to do battle in a much more treacherous competitive landscape than they faced two decades ago. ** Viacom acquires Argentine broadcaster Telefe for $345 million. But not everyone in the Redstone family is happy about the deal. Now that CBS's merger with its long-lost corporate sibling Viacom is slated to close December 4, it seemed as good a time as any to review the screwy history of this deal and look at the challenges that lie ahead for the new company. Oct 17, 2019. The new entity, which will be called ViacomCBS, will be run by Viacom Chief Executive Bob Bakish, with Joseph Ianniello, now the acting CEO of CBS, becoming chairman and CEO of CBS, according to a statement from the company. But Shari Redstone is looking to shake up the media landscape even beyond a merger between two major players.
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