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CBS and Viacom to merge, reuniting network with Paramount Pictures

After years of on-again, off-again merger talks, broadcast giant CBS Corp. and its corporate sibling Viacom Inc. finally agreed Tuesday to reunite in a $12 billion deal that will bring together such well-known brands as CBS, MTV, Nickelodeon and Showtime. CBS, which is the larger of the two companies and worth $18.5 billion, will absorb the smaller Viacom, which owns such assets as MTV, Nickelodeon, BET, Comedy Central and the Paramount Pictures movie studio in Hollywood. Nonetheless, the new company is expected to take the Viacom name in a nod to the legacy of Sumner Redstone, the ailing 96-year-old media titan who built an empire from a small chain of drive-in movie theaters in the Northeast. CBS and Viacom suddenly found themselves medium-size companies, no longer leaders of the industry. But it wasn’t just a consolidating industry and splintering audiences that drove the two companies together .

First found on: www.sfgate.com And then on: 1 other references