CBS is merging with Viacom

CBS logo seen at the CBS Television City Studio in Los...Ronen Tivony/SOPA Images/LightRocket via Getty Images

CBS is merging with Viacom after months of negotiations, reuniting the two companies for the first time since they split in 2005. The deal will increase CBS’s content offering to customers — a growing importance as the streaming wars heat up.

The new merger means the company is sitting at a value of roughly $30 billion, according to The Wall Street Journal. Bob Bakish, the current CEO of Viacom, will become CEO of both companies under the merger, according to the Journal.

The merger has been in discussion for quite some time, but the ousting of longtime CBS CEO Leslie Moonves after a series of sexual misconduct allegations and the appointment of Shari Redstone as the controlling shareholder of both CBS and Viacom made it difficult. A…

Continue reading…

Go to Source
Author: Julia Alexander