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Report: Shari Redstone considers creating FOX News rival

As the merger between CBS Corp. and Viacom Inc. awaits regulatory approval, Shari Redstone is considering plans to launch a conservative TV network to compete with Fox Corp.'s FOX News Channel (US), The Hollywood Reporter reported Oct. 15, citing sources with knowledge of the details.

Redstone, who controls both CBS and Viacom through majority shareholder National Amusements Inc., has reached out to current and former FOX News personalities and former NBC News host Megyn Kelly about the idea, the sources said. A former CBS-Viacom executive said Redstone has sat in on "multiple meetings" about the potential venture.

The new TV network would also have a streaming service. Viacom's streaming service Pluto TV is working to launch a conservative news and opinion channel, according to the report.

In August, CBS and Viacom officially announced plans to recombine in an all-stock merger. The deal is expected to close before year-end.