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CBS, Viacom agree to merge

CBS Corp. and Viacom Inc. agreed to combine on Aug. 13 in an all-stock merger that will create a combined company with more than $28 billion in revenue.

The combined company will be known as ViacomCBS Inc.

Under the terms of the deal, existing CBS shareholders will own approximately 61% of the combined company and existing Viacom shareholders will own approximately 39% of the combined company on a fully diluted basis. Each Viacom class A voting share and Viacom class B nonvoting share will convert into 0.59625 of a class A voting share and class B nonvoting share of CBS, respectively.

More details to follow.