In order to achieve a larger company that can better compete and partner in an industry dominated by giants, CBS Corp and Viacom Inc. reached an agreement that brings together the American entertainment empire of media mogul Sumner Redstone, according to what was published Lta.Reuters

By Miami Diario Newsroom

Although CBS shareholders will own 61% of the capital and Viacom shareholders 39%, the new company will be called ViacomCBS Inc.

The new alliance will combine the CBS television network, CBS News, Showtime cable networks with MTV Networks, Nickelodeon, Comedy Central and Paramount movie studios. The union will have rights to more than 140.000 TV episodes and 3.600 movies. Annually, it is estimated that it generates about 28.000 million dollars in revenue.

The market value will be about 30.000 million dollars, a small figure compared to rivals such as Netflix Inc, Walt Disney Co or Comcast Corp.

The merging companies are controlled by National Amusements Inc, the holding company owned by billionaire Sumner Redstone and his daughter, Shari.

Through a statement, Shari Redstone, indicated: “My father once said: 'Content is king'. It has never been as true as today.”

The third merger attempt since 2016 is a decisive victory for Shari Redstone, whose father created the companies through a series of mergers and then spun them off 13 years ago.

After the launch of the merger, Viacom shares rose 2,4% to $29,21 and CBS shares rose 1,4% to $48,70.

With information of: Lta.Reuters

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