CBS, Viacom Reach Deal to Reunite Sumner Redstone's Media Empire
FILE - A trader works below the CBS Corporation logo on the floor of the New York Stock Exchange in New York. CBS and Viacom have reached a deal to reunite media mogul Sumner Redstone's U.S. entertainment empire after 13 years apart. The new company will be named ViacomCBS Inc despite the fact that CBS shareholders will own 61% and Viacom shareholders will own 39%. The merger creates a company with roughly $30 billion market value, which is still small compared to rivals including Netflix, at $136 billion; ABC network owner Walt Disney Co., at about $245 billion; and NBC owner Comcast at $193 billion.