Viacom, CBS form exploratory committees to evaluate potential merger

Viacom Inc. and CBS Corp. announced separately Thursday that each of their Board of Directors has established a special committee of independent directors to evaluate a potential merger. In a statement, Viacom says there can be "no assurance" that this process will result in a transaction.

Why it matters: These talks come as more media companies are merging to better compete with tech giants, like Netflix and Amazon. Rumors of a Viacom-CBS merger intensified after Disney and Fox formally announced a merger deal in December.