CBS Corp., whose Television City studio complex in Los Angeles is shown last week, has agreed to merge with Viacom Inc., capping years of on-again, off-again attempts to reunite two media companies that split in 2006. NEW YORK — CBS and Viacom said Tuesday that they will reunite in an all-stock deal, bringing together their networks and the Paramount movie studio as traditional media giants challenge streaming companies like Netflix. Viacom owns Paramount Pictures and pay TV channels such as Comedy Central, MTV and BET, while CBS has a broadcast network, television stations, Showtime and a stake in The CW over-the-air network. The announcement followed marathon negotiation sessions this week as the two sides hashed out a price for the merger. The combined company would still be small compared with behemoths like Disney, with a vast library of movies and shows, and Netflix, the pioneer in streaming technology. CBS has a market value of $18 billion and Viacom has a market value of about $11.7 billion. Disney’s is nearly $245 billion and Netflix is at $136 billion. Analysts say the reunion will help both companies navigate an ever-competitive streaming landscape. MoffettNathanson analyst Michael Nathanson said Paramount’s movie library could be… Read full this story
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