2
2
0
Entertainment giants CBS and Viacom are to merge in the latest media mega-deal as broadcasters adapt to changing consumer demands.
The new company will have $28bn in revenue and comprise brands like MTV, Comedy Central and Paramount Pictures.
The deal would reunite the two firms, which were previously under the same corporate umbrella until a 2006 split.
The move comes amid an increasingly competitive landscape dominated by Netflix, Disney-Fox and other rivals.
The merged firm, to be called ViacomCBS, would be controlled by National Amusements, the holding company owned by billionaire Sumner Redstone and his daughter, Shari.
There have been at least three attempts to re-combine the companies, but all failed due to clashes between executives and investors over who got the top jobs as well as the valuations of the business.
There was also the dramatic fall of CBS's boss Les Moonves, ousted after allegations of sexual misconduct.
The new company will have $28bn in revenue and comprise brands like MTV, Comedy Central and Paramount Pictures.
The deal would reunite the two firms, which were previously under the same corporate umbrella until a 2006 split.
The move comes amid an increasingly competitive landscape dominated by Netflix, Disney-Fox and other rivals.
The merged firm, to be called ViacomCBS, would be controlled by National Amusements, the holding company owned by billionaire Sumner Redstone and his daughter, Shari.
There have been at least three attempts to re-combine the companies, but all failed due to clashes between executives and investors over who got the top jobs as well as the valuations of the business.
There was also the dramatic fall of CBS's boss Les Moonves, ousted after allegations of sexual misconduct.
Media giants to merge in latest mega-deal
Posted from bbc.com
Posted >1 y ago
Read This Next
Continue with Facebook 
Continue with Google