Viacom and CBS said they expected their merger to close on December 4, marking he latest round of consolidation in the entertainment sector as traditional players continue to work to gain scale against new digital rivals.
The new company, to be called ViacomCBS, will operate everything from the CBS television network to the Paramount movie studio, and have a significant stake in kids’ TV, TV news and late-night TV programming.
The two companies have long been controlled by the same shareholder. The Redstone family’s National Amusements Inc. movie-exhibition concern controls the majority of voting shares in both company. Shari Redstone oversees the family’s interests in both companies. Bob Bakish is expected to become CEO of the newly-merged concern.