The two media giants split back in 2006, although the Redstone family maintained control through National Amusements, a privately-held holding company. Now they’re coming back together in an all-stock merger, creating a new entity with the straightforward-but-ungainly name ViacomCBS.
The move is, in some ways, a concession to a turbulent media environment driving large-scale M&A, with AT&T buying Time Warner and Disney acquiring most of Fox — both deals seen as consolidation in preparation for a streaming-centric future. Similarly, once this deal is done, ViacomCBS is expected to make more acquisitions of its own.
It’s also a victory for Shari Redstone, who’s been pushing for the merger over the opposition of some CBS executives