Breaking: CBS and Viacom are reuniting in a $12-billion deal that will bring together such well-known brands as CBS, MTV, Nickelodeon and Showtime.
After years of on-again, off-again merger talks, broadcast giant CBS Corp. and its corporate sibling Viacom Inc. on Tuesday finally agreed to reunite in a $12-billion deal that will bring together such well-known brands as CBS, MTV, Nickelodeon and Showtime.
“I am really excited to see these two great companies come together so that they can realize the incredible power of their combined assets,” Shari Redstone said in a statement. “We will establish a world-class, multiplatform media organization that is well-positioned for growth in a rapidly transforming industry.”$85-billion deal
“Even though Viacom and CBS will be a larger company, it will still have to compete with Disney, which is in a league of its own,” said Jordan Matthews, an entertainment lawyer with Weinberg Gonser in Los Angeles. In the last several years, audience behavior changed drastically. Younger viewers were the first to flee traditional TV. Now, teenagers and young adults spend more time playing video games, watching video clips on their phones or shows from streamers Netflix and Hulu than MTV. Amid the migration, Viacom made a series of management blunders, including awarding its top executives hundreds of millions of dollars in compensation while under-investing in programming.
Shari Redstone, who will join a small sorority of women overseeing a major U.S. company, pressed for a Viacom-CBS merger in 2016, and again last year.
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