(MENAFN) Media company Viacom reached an agreement with Television broadcasting company CBS to enter a merge for the establishment of a media giant.
Both sides are forming a new company that is expected to present revenue of over USD28 billion and consist of major brands including MTV.
Under the agreement, the two companies are reinforcing their capabilities for original programming to attract subscribers to premium channel and achieve growth.
The contract recombines a couple of entities that were under the same corporate umbrella until they were broken apart in 2006 by Sumner Redstone, chairman emeritus of National Amusements, which holds roughly 80 percent of both firms.
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