Viacom and CBS complete merger

Viacom and CBS are officially back together.

The two companies agreed on a merger valued at $28bn in August, more than 13 years after splitting, to form ViacomCBS.

Bob Bakish, former Viacom chief executive officer who will lead the combined organization, called the deal an "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’s 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."

ViacomCBS claims to now account for 22% of TV viewership in the US.

The completed transaction also brings each company's streaming services under one roof, likely a needed revenue boost as traditional TV revenue is projected to slide over the next five years.

Viacom controls Pluto TV and BET+, while CBS has CBS All Access and Showtime OTT.