CBS-Viacom merger reunites the storied network with Comedy Central, MTV and Paramount Pictures [Los Angeles Times (CA)]
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Source: Los Angeles Times
After years of on-again, off-again merger talks, broadcast giant CBS Corp. and its corporate sibling Viacom Inc. on Tuesday finally agreed to reunite in an approximately $12-billion dealthat will bring together such well-known brands as CBS, MTV, Nickelodeon and Showtime. CBS, which is the larger of the two companies and worth $18.5 billion, will absorb the smaller Viacom, which owns such assets as BET, Comedy Central and the Paramount Pictures movie studio in Hollywood.The new company will be called ViacomCBS Inc., in a nod to the legacy of Sumner Redstone, the ailing 96-year-old media titan who built an empire from a small chain of drive-in movie theaters in the Northeast. Viacom Chief Executive Bob Bakish will become president and chief executive of the new entity, and gain a seat on the board. Shari Redstone, the mogul’s daughter, will become the first chairwoman in Viacom’s history. The proposed merger of the two New York-based companies is the latest in the wave of entertainment
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