CBS and Viacom to merge, seeking bigger role in growing business of streaming video
After some false starts, CBS and Viacom announced on Tuesday they will combine to form the latest media empire in a wave of mergers driven by the need for companies to reformulate themselves for the streaming era.
The deal recombines two entities that were under the same corporate umbrella until they were broken apart in 2006 by Sumner Redstone, chairman emeritus of National Amusements, which holds almost 80 percent of both companies. The two companies failed in their earlier attempts to pull off a merger, due in part to opposition from former CBS chief executive Les Moonves, who was ousted in September 2018 amid sexual harassment allegations.
CBS itself has launched its "All Access" service which provides on-demand programming for $5.99 per month with limited commercial interruptions or $9.99 per month for ad-free service.
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