Beijing time on December 5, the morning news, according tomedia reports, CBS and Viacom officially completed the merger. The two media giants announced Wednesday that they have formally completed a merger of the combined company called Viacom CBS. The merger will bring together several divisions and services from the two companies, including Paramount Pictures, the CBS Broadcasting Network, and pay-TV channels such as Comedy Central, MTV, Nickelodeon and Showtime.
“This is a historic moment to turn two iconic businesses into one of the world’s most important content makers and providers,” said Bob Bakish, president and CEO of the combined company. CBS and Viacom have complementary assets, capabilities and talent teams, and the combined Viacom CBS will produce and deliver high-end content through its platform. “
Viacom CBS says its content accounts for 22 percent of u.S. television viewing. Now companies such as Netflix and Amazon are investing heavily in content, and ViacomCBS says the merger will help reduce costs and invest heavily in television and innovation.
In August, CBS and Viacom announced a merger that would generate annual revenue smoldering of more than $28 billion.
The two companies split in 2005 and they reunited 14 years later, and the media environment has changed dramatically. Industry watchers say the re-association of CBS and Viacom has far-reaching implications.
The combined company’s market value was about $20 billion, but in the face of other rivals, the size is still not big enough, with Disney’s current market capitalisation of nearly $245 billion and Netflix’s at $136 billion.