This Website use Cookies OK

Read more Entertainment News

CBS, Viacom merge 13 years after parting ways


CBS and Viacom said Tuesday they will reunite. (Richard Drew/AP)

CBS and Viacom are getting back together.

The media giants announced Tuesday they will merge to form ViacomCBS — 13 years after they first parted ways. The combined company will have $28 billion in annual revenue and boast a portfolio that includes BET, CBS, Comedy Central, MTV, Nickelodeon, Paramount Network, and Showtime, as well as film studio Paramount Pictures, the Pluto TV streaming service, and South Park Studios, according to a statement.

Both companies are run by Sumner Redstone’s National Amusements, which had split them up in 2006 but retained control of each. CBS and Viacom came close to merging last year following an attempt in 2016.

“I am really excited to see these two great companies come together so that they can realize the incredible power of their combined assets,” said Sumner Redstone’s daughter Shari Redstone, who will chair the combined company’s board.

“My father once said ‘content is king,’" she said, "and never has that been more true than today.”

The mega-media merger echoes Disney’s $71.3 billion acquisition of Fox and much of its broad portfolio earlier this year.

ViacomCBS "will establish a world-class, multiplatform media organization that is well-positioned for growth in a rapidly transforming industry,” Redstone said in her statement.

Viacom CEO Bob Bakish will stay on as chief exec of ViacomCBS and Joe Ianniello will be chairman and CEO of the CBS division.

The deal is expected to be completed by the end of the year.