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Share Name | Share Symbol | Market | Type |
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CBS Corp | NYSE:CBS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 40.77 | 0 | 01:00:00 |
CBS (NYSE: CBS.A, CBS) and Viacom (NASDAQ: VIAB, VIA) today announced senior appointments for ViacomCBS’ content and digital leadership. These appointments, which will be effective upon closing, will enable ViacomCBS to deliver on its distinct competitive position as one of the most important content producers and providers in the world.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191111005169/en/
Content Leaders
ViacomCBS will have a portfolio of powerful consumer brands and one of the largest libraries of iconic intellectual property, spanning every genre and appealing to consumers of all ages and demographics. The combined company’s library will comprise 140,000+ premium TV episodes and 3,600+ film titles, including fan favorites such as Star Trek and Mission: Impossible. ViacomCBS will also have more than 750 series ordered or in production, as well as a major Hollywood film studio, Paramount Pictures. The combined company will have a content spend of more than $13 billion – one of the largest in the industry.
“ViacomCBS will be one of the largest premium content creators in the world, with the capacity to produce content for both our own platforms and for others,” said Bob Bakish, President and Chief Executive Officer, Viacom, who will serve as President and Chief Executive Officer of ViacomCBS upon close. “This talented team of content leaders will work together to ensure we realize the full power of our brands, our deep relationships with the creative community and our intellectual property to drive our growth as a combined company.”
Following are ViacomCBS’ content leaders, who will manage the creative and business operations of the company’s brands and help assess how best to distribute programming – including across both owned and third-party linear and digital platforms – based on brand filters and other criteria:
Joe Ianniello, as previously announced, will serve as Chairman and CEO of CBS, overseeing CBS-branded assets such as the CBS Television Network (including CBS Entertainment, CBS News, and CBS Sports), CBS Television Studios, CBS Interactive (including CBS All Access) and CBS Television Stations.
ViacomCBS will also form a new Content Council, comprising the content leaders across the company and chaired by Nevins, to ensure these leaders and other senior executives are working together to maximize the use of IP and talent relationships across the combined company.
Digital Leaders
ViacomCBS’ portfolio of leading streaming assets will include CBS All Access and Showtime, which deliver premium, branded content live and on demand to millions of subscribers; Pluto TV, the leading free, advertising-supported streaming TV service in the U.S.; and targeted niche products such as BET+, CBSN, CBS Sports HQ, ET Live and Noggin.
“Our content scale will support our streaming strategy, which will build on the rapidly scaling advertising and subscription-based products we already have in the market,” Bakish said. “The executives we announced today bring complementary and deep experience in both subscription and ad-supported streaming businesses, and will work together to create a differentiated streaming ecosystem in the market.”
The following are ViacomCBS’ digital leaders, who will collaborate with the company’s content leaders to grow the company’s already expansive digital businesses and footprint and drive an integrated streaming strategy, taking advantage of the breadth and depth of ViacomCBS’ combined content portfolio and global infrastructure:
The merger remains subject to customary closing conditions and is expected to close by early December.
Biographies
About CBS
CBS Corporation (NYSE: CBS.A and CBS) is a mass media company that creates and distributes industry-leading content across a variety of platforms to audiences around the world. The Company has businesses with origins that date back to the dawn of the broadcasting age as well as new ventures that operate on the leading edge of media. CBS owns the most-watched television network in the U.S. and one of the world’s largest libraries of entertainment content, making its brand –"the Eye” – one of the most-recognized in business. The Company’s operations span virtually every field of media and entertainment, including cable, publishing, local TV, film and interactive. CBS’ businesses include CBS Television Network, The CW (a joint venture between CBS Corporation and Warner Bros. Entertainment), Network 10 Australia, CBS Television Studios, CBS Global Distribution Group, CBS Consumer Products, CBS Home Entertainment, CBS Interactive, CBS All Access, the Company’s direct-to-consumer digital streaming subscription service, CBS Sports Network, CBS Films, Showtime Networks, Pop, Smithsonian Networks, Simon & Schuster, CBS Television Stations and CBS Experiences. For more information, go to http://www.cbscorporation.com.
About Viacom
Viacom (NASDAQ: VIAB, VIA) creates entertainment experiences that drive conversation and culture around the world. Through television, film, digital media, live events, merchandise and solutions, its brands connect with diverse, young and young at heart audiences in more than 180 countries.
For more information on Viacom and its businesses, visit http://www.viacom.com. Keep up with Viacom news by following it on Twitter (twitter.com/Viacom), Facebook (facebook.com/Viacom) and LinkedIn (linkedin.com/company/Viacom).
Important Information About the Pending Merger Between CBS and Viacom and Where To Find It
In connection with the pending merger between CBS Corporation (“CBS”) and Viacom Inc. (“Viacom”), CBS has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 (No. 333‑234238) (the “Registration Statement”) that includes a joint consent solicitation statement of CBS and Viacom and that also constitutes a prospectus of CBS (the “joint consent solicitation statement / prospectus”). The Registration Statement was declared effective by the SEC on October 25, 2019. Viacom and CBS commenced mailing the definitive joint consent solicitation statement / prospectus to Viacom stockholders and CBS stockholders on or about October 28, 2019. This communication is not a substitute for the joint consent solicitation statement / prospectus or Registration Statement or any other document which CBS or Viacom may file with the SEC. INVESTORS AND SECURITY HOLDERS OF CBS AND VIACOM ARE URGED TO READ THE REGISTRATION STATEMENT, WHICH INCLUDES THE JOINT CONSENT SOLICITATION STATEMENT / PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PENDING MERGER AND RELATED MATTERS. Investors and security holders may obtain free copies of the Registration Statement, which includes the joint consent solicitation statement / prospectus, and other documents filed with the SEC by CBS and Viacom through the website maintained by the SEC at or by contacting the investor relations department of CBS (+1-212-975-4321 or +1-877-227-0787; investorrelations@CBS.com) or Viacom (+1-212-846-6700 or +1-800-516-4399; investor.relations@Viacom.com).
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and does not constitute an offer to subscribe for, buy or sell, or the solicitation of an offer to subscribe for, buy or sell, or an invitation to subscribe for, buy or sell any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, invitation, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Cautionary Notes on Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “may,” “target,” similar expressions and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the consummation of the pending merger and the anticipated benefits thereof. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements, including the failure to consummate the pending merger or to make any filing or take other action required to consummate such transaction in a timely matter or at all. Important risk factors that may cause such a difference include, but are not limited to: (i) the pending merger may not be completed on anticipated terms and timing, (ii) a condition to closing of the pending merger may not be satisfied, including obtaining regulatory approvals, (iii) the anticipated tax treatment of the pending merger may not be obtained, (iv) the potential impact of unforeseen liabilities, future capital expenditures, revenues, costs, expenses, earnings, synergies, economic performance, indebtedness, financial condition and losses on the future prospects, business and management strategies for the management, expansion and growth of the combined business after the consummation of the pending merger, (v) litigation relating to the pending merger against CBS, Viacom or their respective directors, (vi) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the pending merger, (vii) any negative effects of the announcement, pendency or consummation of the pending merger on the market price of CBS’ or Viacom’s common stock and on CBS’ or Viacom’s operating results, (viii) risks associated with third party contracts containing consent and/or other provisions that may be triggered by the pending merger, (ix) the risks and costs associated with the integration of, and the ability of CBS and Viacom to integrate, the businesses successfully and to achieve anticipated synergies, (x) the risk that disruptions from the pending merger will harm CBS’ or Viacom’s business, including current plans and operations, (xi) the ability of CBS or Viacom to retain and hire key personnel and uncertainties arising from leadership changes, (xii) legislative, regulatory and economic developments, (xiii) the other risks described in CBS’ and Viacom’s most recent annual reports on Form 10-K and quarterly reports on Form 10-Q, and (xiv) management’s response to any of the aforementioned factors.
These risks, as well as other risks associated with the pending merger, are more fully discussed in the joint consent solicitation statement / prospectus included in the Registration Statement. While the list of factors presented here and the list of factors presented in the Registration Statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on CBS’ or Viacom’s consolidated financial condition, results of operations, credit rating or liquidity. Neither CBS nor Viacom assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191111005169/en/
Viacom Justin Dini, Senior Vice President, Corporate Communications (212) 846-2724 Justin.Dini@viacom.com
Karen Shosfy, Vice President, Corporate Communications (212) 846-3644 Karen.Shosfy@viacom.com
CBS Dana McClintock, Executive Vice President, Chief Communications Officer (212) 975-1077 Dlmcclintock@cbs.com
Kelli Raftery, Executive Vice President, Communications (212) 975-3161 Kelli.Raftery@cbs.com
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