CBS to Merge With Viacom in Long-Awaited $11.7 Billion Deal (2)

CBS Corp. agreed to merge with Viacom Inc. in an $11.7 billion transaction, capping years of on-again, off-again talks between the U.S. media giants.

The all-stock deal, announced Aug. 13, unites the most-watched U.S. broadcast network with the parent of Paramount Pictures and cable channels such as MTV and Nickelodeon. It followed marathon negotiation sessions this week as the two sides hashed out a price for the long-awaited merger.

Shari Redstone

Shari Redstone, whose family controls both companies, will become chair of the combined entity. She’ll be sitting atop a media empire original assembled by TV and movie magnate Sumner Redstone, ...