Bob Bakish, the head of a newly combined CBS and Viacom, said the company's vast content library should help it fight off rivals in the TV streaming wars.
Still, Viacom and CBS, which are valued at $11.8 billion $18.2 billion respectively, are dwarfed by Disney, which is worth $246.8 billion, and Netflix, which has a market cap of $136.7 billion., reuniting the two companies after 13 years apart and several attempts at a deal since 2016. The new company will be called ViacomCBS and Bakish will lead the combined entity.
The acquisition, which is expected to close by year's end, creates a combined company with more than $28 billion in revenue. Shari Redstone, whose National Amusements controls both CBS and Viacom, has sought to combine the two companies. The tie-up could also give CBS and Viacom more sway when competing for highly sought after entertainment and sports rights, like the National Football League.
CBS stands to gain the movie studio Paramount Pictures, cable networks including Comedy Central, MTV, Nickelodeon and BET, as well as the streaming service Pluto TV and South Park Studios as a result of a merger with Viacom. CBS owns the legacy broadcast network, in addition to other cable and media properties.
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