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CBS (CBS) and Viacom (VIA, VIAB) confirmed their plans to reunite on Tuesday, with the combination set to create an entertainment company with more than $28 billion in revenue and include the largest television business in the US.

The all-stock deal will see each Viacom Class A voting share and Class B non-voting share converted into 0.59625 of voting share and non-voting shares of CBS, respectively.

National Amusements Inc., which holds 78.9% of the CBS voting shares and 79.8% of Viacom’s voting shares, agreed to “deliver consents sufficient to assure approval of the transaction,” the companies said in a statement. Both boards approved the deal.

Existing CBS investors will hold about 61% of the combined company, which will be called ViacomCBS and be led by Viacom’s chief executive, Bob Bakish. Joe Ianniello, the president and acting CEO of CBS, will oversee all of the CBS-branded assets in the company. Current Viacom shareholders will own about 39% of the new firm.

“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.

CBS shares were up 1.4% in late-afternoon trading, while Viacom’s Class A stock sank 6.9% and the B shares were up 1.7%. The companies had previously split into two entities in 2005, with CBS being headed by Leslie Moonves. He was replaced by Ianniello last year amid allegations of inappropriate conduct toward women.

 
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