She urged CBS and Viacom to merge in 2016 but withdrew her proposal in the wake of opposition from CBS CEO Les Moonves. About The …
CBS Corporation and Viacom Inc. Getting the merger over the finish line is a victory for Shari Redstone, who is the controlling shareholder in CBS and Viacom through her National Amusements Inc. holding company. ** Nielsen alum Nancy Phillips named head of human resources for ViacomCBS. said Jessica Reif Ehrlich, senior media and entertainment analyst at Bank of America Merrill Lynch. ViacomCBS Merger Presentation . I cover media companies, networks, podcasters and online streaming, August 13, 2019 in New York City. ** Shari Redstone says she believes that scale matters in media and says she “wasn’t a great proponent” of the 2006 separation of CBS and Viacom. ** CBS folds UPN into joint venture with Warner Bros.’ WB Network to create CW Network, SEPTEMBER: Longtime Sumner Redstone attorney Philippe Dauman replaces Freston as CEO of Viacom, MARCH: Viacom files $1 billion copyright infringement lawsuit against YouTube and Google, MAY: CBS buys CNET Networks for $1.8 billion, MARCH: CBS buys 50% of TV Guide Network, co-owned with Lionsgate, JUNE: CBS completes spinoff of its outdoor advertising division, honing its focus on content production and distribution, SEPTEMBER: Viacom buys U.K. broadcaster Channel 5, OCTOBER: CBS launches CBS All Access subscription streaming service. ** Bob Bakish named permanent CEO of Viacom, MAY: Moonves extends his contract as CBS chairman-CEO through mid-2021, FEBRUARY: The boards of CBS and Viacom establish special committees to explore a merger, MARCH: CBS completes spinoff of radio division, MAY: CBS board of directors sues National Amusements, Shari Redstone for breach of fiduciary duty, ** First reports of sexual misconduct allegations against Moonves surface in New Yorker expose. On the day before the deal closed, Bakish was nothing but bullish about the company’s ability to thrive amid the growing global demand for content and the increasing value to be mined from large film and TV libraries, which ViacomCBS has to the tune of 140,000 episodes of TV and more than 3,600 movie titles. Nov 25, 2019. CBS and Viacom shares have dropped about 19% and 24%, respectively, since the long-expected deal was confirmed on Aug. 13. The culmination of the merger is the result of the tenacity of Redstone, the daughter of ailing Viacom founder Sumner Redstone, now 96. FEBRUARY: Sumner Redstone resigns as chairman of CBS and Viacom amid shareholder pressure and questions about his mental competency. Netflix just signed the creators of HBO’s “Game of Thrones” to a $200 million deal, and WarnerMedia has agreed to a half-billion-dollar partnership deal with producer J.J. Abrams. “Shari is going to put it back together again,” said Mario Gabelli, founder and chief executive of Gabelli Asset Management Company Investors, one of the biggest holders of the preferred shares in CBS and Viacom.
CBS-Viacom: 20 Years Later, a Look Back at the High Hopes and Eventual Collapse of That First Merger By Michael Schneider, Brian Steinberg. I have covered the media industry for major news organizations such as CBS News and Bloomberg News on and off since around 2000. Aug 13, 2019. CBS … Now It’s Headed to Auction. OCTOBER: CBS veteran Jo Ann Ross named chief advertising revenue officer for ViacomCBS.
** National Amusements withdraws its support for CBS-Viacom merger talks. The new entity, which will be called ViacomCBS, will be run by Viacom Chief Executive Bob Bakish, with Joseph Ianniello, now the acting CEO of CBS, becoming chairman and CEO of CBS, according to a statement from the company. In some cases, they will have significantly more bargaining power, because distributors might be more reluctant to drop Viacom and CBS, which airs NFL programming. Bakish also said he sees a silver lining in the stock swoon of the past few months.
She has held informal talks with both Sony Pictures Entertainment and Discovery Communications, and companies such as Vice have pitched to her, according to Vanity Fair.
Following years of on-and-off talks and negotiations, CBS and Viacom have agreed to merge.
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