ViacomCBS completes merger of CBS, Viacom
MUMBAI: US media conglomerate ViacomCBS has announced the completion of the merger between CBS Corporation and Viacom Inc. The combined company, which is renamed ViacomCBS, creates a premium content powerhouse with a global scale, including leadership positions in markets across the US, Europe, Latin America, and Asia.
“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” said ViacomCBS president, CEO Bob Bakish.
Building on a collection of franchises and partnerships with creative talent around the world, ViacomCBS will be home to more than 140,000 premium TV episodes and 3,600 film titles, with global production capabilities and more than $13 billion in annual content investment. The company will account for 22% of TV viewership in the U.S. 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.
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’s content scale will support a robust streaming strategy, including ViacomCBS’s own suite of advertising and subscription-based offerings. In addition, the company’s broad reach, extensive intellectual property portfolio and expertise in advanced marketing solutions will enable it to strengthen its partnerships with distributors and advertisers globally.
ViacomCBS added that it will have an attractive growth outlook, be positioned to deliver beneficial cost and revenue synergies and generate substantial free cash flow. This will sustain significant investment in programming and innovation, as well as support ViacomCBS’s commitment to a modest dividend payment. ViacomCBS will also benefit from a strong balance sheet, solid investment grade rating and a board and management team that are focused on creating shareholder value.
Apple, executive producer Oprah Winfrey, and Impact Partners today announced the Untitled Kirby Dick and Amy Ziering documentary film created by the celebrated Oscar-nominated filmmakers, set to premiere in 2020.
Produced and co-directed by Dick and Ziering, the documentary follows a brilliant former music executive who grapples with whether to go public with her story of assault and abuse by a notable figure in the music industry. The film is a profound examination of race, gender, class, and intersectionality, and the toll assaults take on their victims and society at large.
The Untitled Kirby Dick and Amy Ziering documentary feature is produced by Dick and Ziering’s Jane Doe Films (“The Hunting Ground,” “The Invisible War”), with Winfrey, Terry Wood (Harpo Productions), Dan Cogan (Impact Partners), Regina K. Scully (Artemis Rising), Ian Darling (Shark Island), Abigail Disney (Level Forward) serving as executive producers. The creative team includes producers Jamie Rogers and Amy Herdy.