The CBS-Viacom merger, which will recombine the companies under the new name ViacomCBS, is on track to close as soon as early December. That decision comes after CBS announced that its S-4 registration form had been declared effective by the Securities and Exchange Commission. The company also communicated that the merger plan has been approved by National Amusements, Inc., which holds majority stakes in both CBS and Viacom.
CBS and Viacom officially announced their remerger plan in August. Bob Bakish, Viacom’s CEO, will become President and CEO of the combined company. On the other hand, Joe Ianniello, President and acting CEO of CBS Corporation, will take the role of Chairman and CEO of the CBS division.
The combined company’s portfolio of consumer brands includes CBS, Showtime, Nickelodeon, MTV, BET, Comedy Central and Paramount Network, along with a content library comprising more than 140,000 TV episodes and more than 3,600 film titles. ViacomCBS will also have more than 750 series currently ordered to or in production and it will include Hollywood film studio Paramount Pictures.
For Shari Redstone, Vice Chair of the boards of directors for both CBS and Viacom, the merger is the culmination of years of trying to recombine the companies, which officially split apart in 2006.
“I am really excited to see these two great companies come together so that they can realize the incredible power of their combined assets. My father once said ‘content is king,’ and never has that been more true than today. Through CBS and Viacom’s shared passion for premium content and innovation, we will establish a world-class, multiplatform media organization that is well-positioned for growth in a rapidly transforming industry,” said Redstone in a statement.
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