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1985
- As a hedge against slow growth in movie theaters, Redstone began buying stock in Viacom International in 1985. Viacom spun off from CBS in 1971 after the FCC ruled at the time that television networks could not syndicate their own programs.
en.wikipedia.org/wiki/Sumner_Redstone
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On September 7, 1999, Redstone and Karmazin announced that Viacom would buy CBS for $37.3 billion, at the time the biggest media merger of the twentieth century; the newly merged Viacom/CBS would become the second largest media company behind Time Warner. [62]
- What It Will Own
- Why It’S Happening
- What’s Next?
- What Does It Mean For Viewers?
The newly merged company will house a host of valuable media assets. Under CBS Corporation, the larger of the two companies, are the CBS broadcast network, local TV stations, the premium pay-TV channel Showtime, Network Ten in Australia, 50 percent of the CW Network with WarnerMedia, and the book publisher Simon & Schuster. Viacom owns Paramount Pi...
CBS and Viacom will need their greater size to compete with heavyweight rivals such as Netflix — which has 151 million paid subscribers — but also with Amazon, Disney, Hulu and a dizzying array of new entrants such as WarnerMedia's HBO Max and a new streaming service from Comcast’s NBCUniversal. (NBCUniversal is the parent company of NBC News.) The...
The CBS-Viacom merger is the culmination of at least three years of discussions. Earlier talks foundered after the CBS board and Les Moonves, the company's former chief executive officer, initiated a corporate coup, attempting to dilute the power of the Redstone family, which holds the majority of voting shares in Viacom and CBS via National Amusem...
Together, CBS and Viacom will offer a plethora of paid and free streaming services. And while other companies such as Disney have been yanking content from Netflix, CBS and Viacom are eager sellers to their competitors. But the bottom line is shifting ever higher as companies battle for viewers. “The media company of the future, if it wants to be v...
Aug 12, 2020 · The Redstone family holding company, National Amusements Inc., owns 79.4% of the Class A voting common stock of ViacomCBS — the owner of cable TV networks, Paramount Pictures, Simon & Schuster...
Dec 4, 2019 · The merger of the two halves of the Redstone family media empire into ViacomCBS was completed Wednesday, just four months after the boards of CBS and Viacom reached an agreement on an all...
In January 2018, The Wall Street Journal reported that Shari Redstone was pushing for CBS to merge with Viacom, with Redstone also gathering names for new board members at CBS. [28]
Aug 13, 2019 · The $11.7 billion merger reunites CBS, the most-watched TV network in the United States, with the parent of MTV, Nickelodeon and Paramount Pictures. Her father, media mogul Sumner Redstone,...
May 29, 2018 · After push-back from CBS boss Les Moonves, and with Viacom in need of an overhaul, Redstone pumped the brakes and asks CBS and Viacom to stop pursuing a merger on December 12.
