The deal will create a company with more than $28 billion in revenue. Its businesses include CBS’ broadcast network, the movie studio Paramount and cable networks like Showtime, MTV, Nickelodeon, BET and Comedy Central.
The two companies used to be one, but split in 2006. Shari Redstone, the president of CBS parent company National Amusements, has been trying for years orchestrate a reunion.
Shares of CBS are down 2% in premarket trading, while Viacom stock is off 0.4%.