CBS and Viacom Agree to Merge After Years of Discussion.
After years of back-and-forth discussions, media giants CBS and Viacom will merge.
The new company, ViacomCBS, will be headed by Viacom CEO Bob Bakish.
Current CBS CEO Joe Ianiello will act as chairman for CBS as well as maintaining control of its assets.
The merger will put major studios and cable networks under one roof, including Paramount Pictures, Comedy Central and CBS among others.
The two companies coming together is actually a reunion, with Viacom spinning out of CBS back in 2006.
The combination of assets will allow the new company to compete with Netflix and Amazon in terms of spending