- ViacomCBS renamed after merger
- The company will account for 22% of TV viewership in the US
- CEO says: “ViacomCBS will create and deliver premium content for its own platforms and for others”
Viacom has announced the completion of its merger with CBS Corporation to create “a premium content powerhouse with global scale” set to invest more than $13 billion in annual content.
The combined companies have been rebranded as ViacomCBS and will be home to more than 140,000 premium TV episodes and 3,600 film titles.
In a statement to the press, ViacomCBS president and chief executive Bob Bakish: “This is a historic moment that brings together two iconic companies to form one of the world’s most important content producers and providers.
“Through the combination of CBS’s and Viacom’s complementary assets, capabilities and talented teams, ViacomCBS will create and deliver premium content for its own platforms and for others, while providing innovative solutions for advertisers and distributors globally.
“I am excited about the opportunity we have to serve our audiences, creative and commercial partners, and employees while generating significant long-term value for our shareholders.”
The merger will see ViacomCBS take a leading role in markets across the US, Europe, Latin America and Asia to continue “building on the extraordinary collection of culture-defining franchises and partnerships with creative talent,” the company announced.
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The company will account for 22% of TV viewership in the US and hold the highest share of broadcast and cable viewing across key audience demographics, with strength in all categories, including news, sports, general entertainment, pop culture, comedy, music and kids.
The company’s content scale will support a robust streaming strategy, including ViacomCBS’s own suite of advertising and subscription-based offerings.
In addition, the company said its broad reach, extensive intellectual property portfolio and expertise in advanced marketing solutions will enable it to strengthen its partnerships with distributors and advertisers globally.
“Through the strength and scale of these assets, ViacomCBS will be well-equipped to maximize the value of its content for its own platforms and for others, as it meets the growing global demand for third-party premium content.”
The company said it is well-positioned to deliver beneficial cost and revenue synergies to generate substantial cash flow in a move to sustain significant investment in programming and innovation.
In August, IBC365 reported the leading US entertainment companies CBS and Viacom are set to merge after three years of discussions with the new firm valued at $30 billion.
The reunion of the two media giants - separated for more than a decade - will create a single competitive enterprise boasting multiplatform, premium content with assets and capabilities to scale and challenge the competitive content offerings form Netflix and Disney+ streaming service.