CBS and Viacom have agreed to merge into a single company called ViacomCBS.

The new company will be led by Viacom’s chief executive officer Bob Bakish. Joseph Ianniello, acting chief executive officer, CBS, will be named chairman and will oversee CBS assets after the move.

“Today marks an important day for CBS and Viacom, as we unite our complementary assets and capabilities and become one of only a few companies with the breadth and depth of content and reach to shape the future of our industry,” says Bakish. “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.”

The deal will bring together two assets owned by National Amusements. Both companies mutually split in 2006. However, in recent years, Shari Redstone, president, National Amusements, has pushed for a consolidation to combine the two companies’ properties and increase overall content options for streaming opportunities.

“My father once said, ‘content is king,’ and never has that been more true than today,” says Redstone. “Through CBS and Viacom’s shared passion for premium content and innovation, we will establish a world-class, multiplatform media organization that is well-positioned for growth in a rapidly transforming industry. Led by a talented leadership team that is excited by the future, ViacomCBS’s success will be underpinned by a commitment to strong values and a culture that empowers our exceptional people at all levels of the organization.”

Collectively, the ViacomCBS library will be comprised of more than 140,000-plus TV episodes and more than 3,600 film titles.

Other significant industry deals this year include Disney’s acquisition of streaming giant Hulu earlier this year, which followed the announcement of its new streaming platform Disney+.