Viacom, CBS Expect Deal to Close by Year's End

Viacom and CBS expect to become ViacomCBS by year's end. Viacom CEO Bob Bakish would head the merged entity, Viacom said Tuesday. CBS acting CEO Joe Ianniello would be CBS CEO/chairman.

Viacom said the deal will speed up direct-to-consumer strategy, mean beefed-up advertising and distribution, and create a major content producer. "Our unique ability to produce premium and popular content for global audiences at scale -- for our own platforms and for our partners around the world -- will enable us to maximize our business for today, while positioning us to lead for years to come.," Bakish said.

Bakish said existing CBS shareholders will own about 61 percent of the combined company, Viacom shareholders about 39 percent.