CBS and Viacom have reached an agreement for an all-stock merger.

The reunited company will go under the entity of ViacomCBS. Bob Bakish will lead the combined company as president and CEO, and Joe Ianniello will serve as chairman and CEO, CBS. ViacomCBS holds a vast portfolio of direct-to-consumer, both subscription and ad-supported, as well as Paramount Pictures.

Bakish stated, “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. As we look to the future, I couldn’t be more excited about the opportunities ahead for the combined company and all of our stakeholders – including consumers, the creative community, commercial partners, employees and, of course, our shareholders.”

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