Relations between CBS and Viacom are nothing short to a rollercoaster ride, with both first merging then splitting up, and then getting back again. Viacom, which was prior known as CBS films, was built as a syndication firm by CBS in 1952 and was then separated due to a defunct law restricting networks from holding syndicators.
However, both the networks are again planning to amalgamate, as an act of survival against budding platforms like Netflix, WarnerMedia and Disney. Recently, Viacom and CBS announced that the ‘Registration Statement’ filed by CBS was approved by the U.S. Securities and Exchange Commission (SEC).
As per reports, both the firms announced that the pending merger and related proposals were also approved by theater company National Amusements, Inc. and its affiliate, which fulfill the final conditions of merger that apparently require the approval of a majority of Viacom Class A and CBS Class A shares.
However, the conclusion of the unification is still dependent on fulfilment of other customary closing conditions and is anticipated to end by early December.
Sources close to the merger state that the CBS would be renamed as ViacomCBS Inc. following the move and its new stocks will be listed as ViacomCBS Class A and Class B common stock, including the CBS Class A and Class B common stock’s outstanding shares, on THE NASDAQ Stock Market under the symbol VIAC and VIACA.
in addition, the new merger would intend to accumulate enough funds so that it can sustain against media giants such as WarnerMedia and Disney, as well as with budding digital streaming platforms like Amazon Prime and Netflix.
According to sources, ViacomCBS would include CBS channels such as The CW and the Showtime network, as well as Viacom holdings which includes MTV, Paramount, Comedy Central and Nickelodeon.