CBS and Viacom are set to merge… again. CBS Corp. today reached an agreement to acquire Viacom. The two companies previously merged in 2000, but split in 2006. Going forward, the merged company will adopt the name ViacomCBS Inc.
According to Variety, the deal was reached after over two days of negotiation. ViacomCBS is expected to boast $28 billion in revenue by the end of the year. The new company lays claim to a combined 750 series that have been ordered to production and has spent $13 billion on original programming in the last year.
“I am really excited to see these two great companies come together so that they can realize the incredible power of their combined assets,” said Shari Redstone, ViacomCBS’s chairman. “My father once said ‘content is king,’ and never has that been more true than today. Through CBS and Viacom’s shared passion for premium content and innovation, we will establish a world-class, multiplatform media organization that is well-positioned for growth in a rapidly transforming industry.”
Unsurprisingly, ViacomCBS quickly lauded its acquired breadth of content. Together, Viacom and CBS will have access to roughly 140,000 television episodes and 3,600 films. Combined, that makes up 22% of all television content in the United States.