CBS

CBS and Viacom agree to massive merger

In this illustration, a piece of paper with the CBS and Viacom logos are taped together.
Illustration: Sarah Grillo/Axios

CBS and Viacom reached a deal on Tuesday to merge into ViacomCBS Inc., reuniting the 2 companies 13 years after they split apart.

Why it matters: The deal will bring together Viacom's nearly two dozen cable channels with CBS' flagship broadcast network and its premium cable network, Showtime. The combined scale from the merger will help the new company broker stronger distribution deals with Pay-TV providers and allow it to better compete for audience attention and ad dollars.

Reports: CBS and Viacom inch closer to merger deal

Illustration: Sarah Grillo/Axios

A merger deal between CBS and its former sister company Viacom is imminent and might be announced as soon as this week, according to multiple reports.

Why it matters: It could be the first part of a much bigger plan for Shari Redstone, the majority shareholder of both companies. Reports suggest that Redstone is looking to acquire other entities to give the combined company more scale.