Following the merger, which was completed Wednesday last week, the merged entity will own more than 140,000 TV episodes and 3,600 film titles.
CBS and Viacom completed their merger on Wednesday, reuniting media mogul Sumner Redstone’s US entertainment empire. The combined entity, ViacomCBS, is controlled by National Amusements, the holding company owned by billionaire Sumner Redstone and his daughter, Shari.
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.
ViacomCBS, led by Viacom CEO Bob Bakish, will now be home to more than 140,000 premium TV episodes and 3,600 film titles, with global production capabilities and more than $13 billion in annual content investment. The combined company will also reportedly have an annual revenue of $28bn. The company will account for 22% of TV viewership in the US and reportedly holds the highest share of broadcast and cable viewing across key audience demographics, with strength in all categories, including News, Sports, General Entertainment, Pop Culture, Comedy, Music and Kids.
“This is a historic moment that brings together two iconic companies to form one of the world’s most important content producers and providers,” said Bob Bakish, President and CEO of ViacomCBS. “I am excited about the opportunity we have to serve our audiences, creative and commercial partners, and employees, while generating significant long-term value for our shareholders.”
The company’s content scale will support a robust streaming strategy, including ViacomCBS’s own suite of advertising and subscription-based offerings. In addition, the company’s broad reach, extensive intellectual property portfolio and expertise in advanced marketing solutions will enable it to strengthen its partnerships with distributors and advertisers globally.