Money: CBS, Viacom Merger Deal Worth $12 Billion Reached - PressFrom - United Kingdom
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MoneyCBS, Viacom Merger Deal Worth $12 Billion Reached

12:40  14 august  2019
12:40  14 august  2019 Source:   ibtimes.com

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CBS and Viacom agree to billion media merger . By Irina Ivanova. CBS Corp. is buying Viacom in an all-stock transaction that values Viacom at its current stock market capitalization of around $ 12 Viacom and CBS first merged in 1999 during the dotcom bubble in a deal that was valued at .6

CBS and Viacom Announce Long-Awaited Merger – Viacom Valued at $ 12 Billion . Viacom CEO Bob Bakish to lead combined company, with Joe Ianniello The deal puts the CBS broadcast network, Viacom ’s stable of cable channels like MTV and Nickelodeon, and the Paramount film and TV studio

CBS, Viacom Merger Deal Worth $12 Billion Reached © ANGELA WEISS/AFP/Getty Images GettyImages-CBS logo

The latest in the merger and acquisition news in the media industry is the union of CBS and Viacom, one time siblings who broke up in 2005.

The $12-billion (£9.9bn) deal announced will bring well-known brands such as CBS, MTV, Nickelodeon and Showtime under a single roof.

The merged entity, ViacomCBS will have more than $28 billion (£23.2bn) in revenue and a broader market share of 22 percent in the US television audience, according to the companies.

The merger of the two New York-based companies marks the latest in the wave of entertainment industry consolidations which had seen acquisitions by Disney, AT&T, Comcast and expansion of Netflix.  The impending entry of Apple in the streaming business is watershed development.

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Cbs , viacom pick CEO if merger deal reached , possibly this week. Cbs - viacom merger talks back on delaying moonves replacement. CBS could focus on its top-line TV broadcasting of news, sports and sitcoms, while Viacom would pursue movies and distribute

CBS and Viacom have reached a long-rumored merger agreement. If it goes through, the all-stock deal will bring together Viacom 's MTV, Nickelodeon and Comedy Central, as well as its Paramount film and TV studio, and CBS 's broadcast network and Showtime premium network.

The CBS news on the merger deal was favourably received by investors with Viacom stock jumping 2.4 percent and costly CBS stock up by 1.3 percent on Tuesday’s trading.

All stock deal’s terms and structure

The CBS Viacom merger deal is expected to close by Dec. 31, pending regulatory approvals.

CBS, Viacom Merger Deal Worth $12 Billion Reached © Getty

The all-stock merger deal values Viacom at around $12 billion (£9.9bn) while the market cap of CBS is $18 billion ($14.9bn).

The terms of the merger deal suggest Viacom shareholders will receive about a 0.6 share of CBS stock for one share of Viacom stock.

CBS was founded by ailing Sumner Redstone, 96, from the earnings of his drive-in-movie theatres.

Redstone gradually passed the management baton to daughter, Shari Redstone, 65, and the duo had been jointly controlling CBS and Viacom for long through family's privately owned company, National Amusements based in Massachusetts.

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The deal , which will reunify the pair after more than a decade apart and create a new company worth about bn, combines Viacom ’s MTV, Nickelodeon, Comedy Central and the Paramount film and TV studio with CBS ’s broadcast network and its Showtime subscription channel. The deal marks a

In an unsurprising announcement, CBS and Viacom announced a long-expected merger today. And yet, even though this deal does give the new company more reach — CBS Corporation now has a slew of cable networks; Viacom has broadcast platforms CBS and CW — most Wall Street types will tell

The National Amusements will continue to retain control of the combined ViacomCBS through Class A voting shares representing 80 percent of the shareholder votes at both companies.

“I am excited to see these two great companies come together so that they can realise the incredible power of their combined assets,” Shari Redstone said in a statement.

New management team

The President and Chief Executive of the new company will be Bob Bakish, currently heading Viacom.

Shari Redstone will be the merged company’s first chairwoman heading the board.

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Joe Ianniello, the president, and acting chief executive officer of CBS will become chairman and CEO of CBS, the companies said.

“The combined CBS-Viacom would have many positive attributes, from cost synergies to dramatically improved leverage with distributors for the Viacom networks,” Moody's analysts wrote.

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After days of marathon negotiating sessions, CBS Corp. has reached an agreement acquire Viacom , marking the latest twist in the saga of the media giants The enlarged company will take taken on the moniker ViacomCBS Inc. The all-stock deal values Viacom near its current market cap of $ 12 billion

CBS Corp. is buying Viacom in an all-stock transaction that values Viacom at its current stock market capitalization of around $ 12 billion , the companies announced Tuesday. Viacom and CBS first merged in 1999 during the dotcom bubble in a deal that was valued at .6 billion at the time.

Brands of CBS and Viacom

CBS owns the CBS Television Network, CBS News and 15 CBS-TV stations as well as the cable network Showtime and the publisher Simon & Schuster.

Viacom handles many cable networks, including BET, Comedy Central and MTV and the Hollywood movie studio Paramount.

Despite the merger, there are stark challenges ahead. Viacom has more than $8.5 billion (£7bn) in debt that must be tackled.

“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,” commented Jordan Matthews, an entertainment lawyer with Weinberg Gonser in Los Angeles.

Disney’s market valuation is nearly $250 billion (£207bn), slightly less than AT&T, Comcast is nearing $200 billion (£165.6bn) and Netflix is already at $140 billion (£115.9bn).

CBS created Viacom in 1952 as a vehicle to sell syndication for its popular shows such as “I Love Lucy.” But in 1971, regulatory rules forced the split of Viacom from CBS.

Viacom and CBS first merged in 1999 in a $35.6 billion (£29.5bn) deal hailed as a “blockbuster deal”. But it proved a flop later as the companies decided to go separate in 2005.

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