Entertainment giants CBS and Viacom are to merge in the latest media mega-deal as broadcasters adapt to changing consumer demands.

The new company will have more than $28bn in revenue and comprise brands like MTV, Comedy Central and Showtime.

The deal would reunite the two firms, which were previously under the same corporate umbrella until a 2006 split.

The move comes amid an increasingly competitive landscape dominated by Netflix and Disney and other rivals.

The merged firm, to be called ViacomCBS, would be controlled by National Amusements, the holding company owned by billionaire Sumner Redstone and his daughter, Shari.

There have been at least three attempts to re-combine the companies, but all failed due to clashes between executives and investors over who got the top jobs as well as the

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