Viacom And CBS Agree To Merge In $30B Deal

CBS and Viacom said Tuesday they will reunite, bringing together their networks and the Paramount movie studio as traditional media giants bulk up to challenge streaming companies like Netflix.

Viacom Chief Executive Bob Backish is to oversee the new company, to be called ViacomCBS. The new chairwoman of the combined company is to be Shari Redstone, president of National Amusements.

(Image credit: Richard Drew/AP)