CBS and Viacom have entered into a definitive agreement to combine in an all-stock merger after 13 years of separation, with the combined company ViacomCBS worth more than $28bln in revenue.

The deal was approved by the boards of both CBS and Viacom by unanimous vote of those present upon the unanimous recommendations of the boards’ special committees. Existing CBS shareholders will own approximately 61% of the combined company while Viacom shareholders will own about 39% of ViacomCBS. Under the terms of the merger agreement, each Viacom Class A voting share and Viacom Class B non-voting share will convert into 0.59625 of a Class A voting share and Class B non-voting share of CBS, respectively.

As speculated over the last few weeks, Viacom pres/CEO Bob Bakish will become pres/CEO of the new entity. CBS pres/acting CEO Joe Ianiello will become CEO/chmn of CBS, giving him oversight of all CBS-branded assets. Rounding out the leadership team will be evp/CFO Christina Spade and evp, general counsel/secretary Christa D’Alimonte.

The board will be comprised of 13 members: six independent members from CBS, four independent members from Viacom, the ViacomCBS pres/CEO and two National Amusements Inc designees. Shari Redstone will serve as chair.

The transaction is expected to close by the end of the year.

The Daily

Subscribe
Friday–April 19

WICT Network Honors PAR Wins

A packed house turned out for The WICT Network ’s Signature Luncheon, celebrating 20 years of its PAR Initiative for measuring gender diversity in the industry. MSNBC ’s Stephanie Ruhle sat down for a

Read the Full Issue
The Skinny is delivered on Tuesday and focuses on the cable profession. You'll stay in the know on the headlines, topics and special issues you value most. Sign Up

Calendar

Apr 25
2024 Cablefax 100 Awards Magazine Release: April 25, 2024
Jun 13
2024 American Broadband Congress Conference Registration is Open!
Jun 26
2024 FAXIES Awards Nominations Are Open!
Full Calendar

Jobs

Seeking an INDUSTRY JOB?
VIEW JOBS

Hiring? In conjunction with our sister brand, Cynopsis, we are offering hiring managers a deep pool of media-savvy, skilled candidates at a range of experience levels and sectors, The result will be an even more robust industry job board, to help both employers and job seekers.

Contact Rob Hudgins, [email protected], for more information.