Deals
CBS to Merge With Viacom in Long-Awaited $11.7 Billion Deal
- Viacom CEO to take helm, while Shari Redstone leads the board
- Negotiations to reunite the companies were underway for years
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CBS Corp. agreed to merge with Viacom Inc. in an $11.7 billion transaction, capping years of on-again-off-again attempts to reunite two media giants that split in 2006.
The all-stock deal, announced Tuesday, combines the most-watched U.S. broadcast network with the parent of Paramount Pictures and cable channels such as MTV and Nickelodeon. It followed marathon negotiation sessions this week as the two sides hashed out a price for the long-awaited merger.