CBS completed a $19.9bn merger with Viacom.

CBS and Viacom, two US media conglomerates completed the merger in an all-stock deal. The merger agreement was approved by the Boards of Directors of both firms. Existing CBS shareholders will own approximately 61% of the combined company and existing Viacom shareholders will own approximately 39% of the combined company on a fully diluted basis. Under the terms of the agreement, each Viacom Class A voting share and Viacom Class B non-voting share will convert into 0.59625 of a Class A voting share and Class B non-voting share of CBS, respectively. “Today marks an important day for CBS and Viacom, as we unite our complementary assets and capabilities and become one of only a few companies with the breadth and depth of content and reach to shape the future of our industry. Our unique ability to produce premium and popular content for global audiences at scale – for our own platforms and for our partners around the world – will enable us to maximize our business for today, while positioning us to lead for years to come. As we look to the future, I couldn’t be more excited about the opportunities ahead for the combined company and all of our stakeholders – including consumers, the creative community, commercial partners, employees and, of course, our shareholders.” Bob Bakish, Viacom President and Chief Executive Officer, who will become President and Chief Executive Officer of the combined company. CBS to list shares of ViacomCBS on Nasdaq following the merger.