CBS Corporation and Viacom Inc. announced plans to merge, marking the third attempt in as many years to combine the media companies controlled by the Redstone family.
CBS Corp. and Viacom Inc. announced plans to reunite, marking the third attempt in as many years to combine the media companies controlled by the Redstone family to better compete with entertainment behemoths.
"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, who will become chair of ViacomCBS. Shari Redstone has argued that the media companies need to combine their resources to survive in a rapidly changing environment that’s dominated by colossuses like the Walt Disney Co., Comcast and Netflix — and well-resourced technology newcomers like Google's YouTube.
Redstone has been working to position the family's entertainment business for the new media era ever since her 96-year-old father, Sumner, stepped down from the CBS and Viacom boards in 2016 amid questions about his health and mental capacity.
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