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Expand chart
Data: Money.net; Chart: Andrew Witherspoon/Axios

The merger between Viacom and CBS is expected to close this week, but investors don't seem too excited about it. Shares from both companies have been down since the all-stock deal was formally announced in mid-August.

Why it matters: Analysts have expressed reservations about whether the combined company will be big enough to compete with the likes of Amazon and Netflix.

  • Last month, CBS was sued by an investor who argued the all-stock acquisition of Viacom is better for the company's majority shareholder Shari Redstone than other investors.

Yes, but: Viacom's business looks healthier than it has in a long time.

  • Last quarter, in its final as an independent company, Viacom's movie business Paramount reached full-year profitability for the first time since 2015, and its domestic TV business posted advertising growth for the first time in six years.

What they're saying: Redstone has argued that the new company, with a combined annual content investment of $13 billion, will be able to compete with the big tech giants in creating lots of good content.

  • Bob Bakish, the new CEO of the combined company, told CNBC's Jim Cramer Monday that neither he nor management are happy with the valuation of Viacom right now, but he believes that the marketplace will see the value of the combined company after the deal closes.

What's next: Layoffs are expected when companies of this size combine, particularly in redundant departments like personnel, sales or real estate.

Go deeper: CBS and Viacom agree to massive merger

Go deeper

Updated 23 mins ago - Axios Twin Cities

In photos: Twin Cities on edge after Daunte Wright shooting

Police officers form a line as they face off with demonstrators protesting the death of Daunte Wright outside the Brooklyn Center police station on April 12 in Brooklyn Center, Minnesota. Photo by Scott Olson/Getty Images

There were tense scenes in the Twin Cities suburb of Brooklyn Center Monday night, after demonstrators defied a 7 p.m. curfew to protest for a second night the fatal police shooting of Daunte Wright.

The big picture: The curfew was announced following a night of protests and unrest over the killing of Wright, 20, during a traffic stop Sunday. Following peaceful protests and a daytime vigil, police again deployed tear gas during clashes with protesters Monday night, according to reporters on the scene.

Japan to release Fukushima water into sea

People near storage tanks for radioactive water at the Fukushima Dai-ichi nuclear power plant in Okuma, Fukushima Prefecture, Japan, in 2020. Photo: Tomohiro Ohsumi/Getty Images

Japan's government on Tuesday announced plans to release more than 1 million metric tons of contaminated water from the destroyed Fukushima nuclear plant into the Pacific Ocean following a treatment process.

Why it matters: While the Biden administration has said Japan appears to have met globally accepted nuclear safety standards, officials in South Korea, China and Taiwan, local residents, those in the fishing industry and green groups oppose the plans, due to begin in about two years, per the Guardian.

In photos: Life along the U.S.-Mexico border

Children at the border of the Puerto de Anapra colonia of Ciudad Juárez, Mexico, hang on a border fence and look to Sunland Park, N.M. Photo: Russell Contreras/Axios

Axios traveled to McAllen and El Paso, Texas, and Ciudad Juárez, Mexico, to see how the communities are responding to an increase of migrants from Central America.

Of note: The region in South and West Texas are among the poorest in the nation and rarely are the regions covered in depth beyond the soundbites and press conference. Axios reporters Stef Kight and Russell Contreras walked the streets of McAllen, El Paso, Texas, and Ciudad Juárez to record images that struck them.