CBS and Viacom reunite to create $30bn media giant

Shari Redstone, whose family investment vehicle National Amusements controls both companies, will become chair of the combined entityThe CBS Broadcast Center in Manhattan, New York, the US. Picture: REUTERS/Shannon Stapleton

CBS shareholders will get 61% of the combined company, called ViacomCBSInc with the remainder going to Viacom investors. Each Viacom share will convert into 0.59625 of a CBS share. Joe Ianniello, acting head of CBS, will oversee the CBS side of the business. Ianniello signed a new contract that runs into 2021, according to a Viacom representative.

The last time the companies were in merger discussions, more than a year ago, Viacom directors had agreed to take 0.6135 of a CBS share for every nonvoting share of their business, people with knowledge said at the time. The companies, using the code names “Comet” and “Venus”, had expected to save at least $1bn by combining.

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