CBS-Viacom Investors Begin to Warm to Deal, But Payoff’s Unclear

Viacom Inc. and CBS Corp. are due to complete their merger on Wednesday, ending three years of on-and-off talks and creating what they boast is an entertainment colossus without peer. The hope is that the combined company, rechristened ViacomCBS Inc., will spit out hit TV shows and movies faster than you can say Netflix.

But Wall Street has been skeptical. Shares in both companies have tumbled more than 14% since they announced plans to combine in August, erasing billions of dollars in market value. Shareholders of CBS have sued the company in Delaware, alleging the merger only benefits its controlling ...