Report: CBS and Viacom to Finally Announce Long-Awaited Merger on Monday
The CBS and Viacom merger has waned on for quite some time now. The two companies reportedly set August 8 as an internal deadline to agree to a deal. Well, both companies announced their second quarter earnings yesterday and neither gave more information on the deal.
According to FOX Business Network’s Senior Correspondent, Charles Gasparino, CBS and Viacom are working on a Monday announcement for the merger, though the timing could slip. One of the major hold-ups was determining who would be in charge of the combined company. According to reports, it appears that Viacom CEO, Bob Bakish, will lead the new company, while Interim CBS CEO Joe Ianniello would oversee all CBS-branded networks.
CBS owns the most-watched broadcast network in the United States, as well as the premium cable network Showtime and streaming service CBS All Access, while Viacom made its way into the streaming space back in January, with the purchase of Pluto TV.
Both streaming platforms are steadily growing, with CBS All Access offering original content, in addition to all the shows from its linear stations. Pluto TV, which just reached 18 million monthly active users, will also be adding classic content throughout the month of August to its platform.