CBS Corp. acting CEO Joe Ianniello says in the memo: 'There is a race to create more of the best content. We are already leaders in this regard, and today’s news will accelerate our global ambitions'
Joseph Ianniello tells employees merger"will accelerate our global ambitions," while Bob Bakish says the combined company will"shape the future of the entertainment industry."CBS CEO Joe Ianniello and Viacom CEO Bob Bakish touted the potential of the combined companies, while acknowledging that combining the companies will result in staff changes.
The two CEOs also acknowledged that the combined entity will result in staff changes. The companies say they expect to have annual run-rate synergies of $500 million, with some of that coming from layoffs. CBS is entering a new era today, announcing a merger with Viacom that bolsters our premium content portfolio and positions us for an even better future. As we all know, there is a race to create more of the best content. We are already leaders in this regard, and today’s news will accelerate our global ambitions.
The new ViacomCBS will include corporate representation from both management teams, including our Chief Financial Officer, Chris Spade, who will become ViacomCBS’ CFO. It’s important to note that the vast majority of you will continue to excel in your current roles. And while all of us will experience some change, including new challenges and opportunities, I want you to know that each and every one of you is a crucial component of our success, and we value your contributions every day.
With this agreement, we bring together the most storied studio in Hollywood, a portfolio of brands that have shaped culture for nearly four decades, a broadcast powerhouse rightfully called “The Tiffany Network,” a major force in consumer publishing with Simon & Schuster, and Showtime, a premium brand that consistently pushes the boundaries of storytelling. Between us, we also boast one of the most innovative, diversified collections of digital assets in the industry.
Combining our companies will be a joint effort. Over time, we expect there will be opportunities to bring our teams together with our peers at CBS, so we can begin identifying ways to work together and learn from each other.
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