Fact sheet of the ViacomCBS merger. Credit: Viacom and CBS Corporation Source. |
Back in 2016, Viacom is in a power struggle between Philippe Duman and the Redstones especially Sherri Redstone who had entered the picture after seeing the mess in her company. Basically Phillpe wanted to control the entire company where the Redstones wanted to kick him out. Sumner Redstone was also furious that Philippe attempts to sell majority of Paramount to some Chinese investor. So much so that he and Sherri force Philippe to be out of the CEO chair, which Philippe did.
After Philippe came out of the picture, Sherri wants to get CBS back and tried to remerge with CBS Corporation but this process was a bumpy ride.all because of this man: Leslie Moonves. Leslie ironically do want to agree on this merger but in the condition that he will control all of the Viacom Media Networks and Paramount Pictures in addition to his CBS proprieties...while Sherri wanted Bob Baskish - who came out of it’s International Media Networks division and promoted as current CEO after Philippe was forced out - to be in control of the merged company, which didn’t suit well wile Leslie and so Leslie Moonves want to keep CBS Corporation as independent entity as possible while Sherri tries force him to be convinced otherwise as much as possible. So much so that Leslie filed a lawsuit against Sherri and Viacom and even try to block her. This is like the battle of control for The Eye, I mean CBS.
The battle comes to an end, Lesslie’s rein at CBS came to an abrupt end when he was involved with the #MeToo scandal. This make Sherri to breathe some fresh air as CBS Corporation was left with several CBS executive who, unlike Moonves, agree to a merger that would see Bob Baskish being the CEO of the merged company.
As of right now, this stage is already set for CBS and Viacom to finally re-merge into one company. But time will tell.
Written by Malcolm Franokuski, the author of “The Inzeyentent”, “Me, Buff Girls and the Society” and “Cleveland Rectangle” as well other stories. Follow him on Twitter, Instagram and Facebook.