The merger of Simon & Schuster's parent company, CBS, with US mass-media conglomerate Viacom has been completed.
First announced in August, it reunites the two corporations following their split into two separate companies 14 years ago.
Bob Bakish, who was Viacom c.e.o. and now becomes president and c.e.o. of ViacomCBS, said: “This is a historic moment that brings together two iconic companies to form one of the world’s most important content producers and providers. Through the combination of CBS’ and Viacom’s complementary assets, capabilities and talented teams, ViacomCBS will create and deliver premium content for its own platforms and for others, while providing innovative solutions for advertisers and distributors globally."
Despite the fact that ViacomCBS executives hope to save $540m in costs in 2020 by combining Viacom and CBS, S&S president and c.e.o. Carolyn Reidy told Publishers Weekly back in November that as Viacom has no book publishing group, she believes that if there are to be any personnel cuts, they will likely be minimal at S&S. Noting that S&S has worked with both CBS and Viacom on a range of different types of projects, Reidy said she expects the merger to provide the publisher with access to more “content and talent”.
Viacom's 2018 earnings stood at $12.9bn, while those of CBS totalled $14.5bn.
Worldwide revenues at Simon & Schuster dipped by 9% to $217m for the third quarter of 2019, from $240m in the same period last year, parent firm CBS revealed last month in its earnings statement for the three months ending 30th September.