CBS and Viacom agreed to merge in tax-free stock swap on Tuesday after more than a decade apart. Viacom's Paramount film studios and MTV and Nickelodeon cable networks will join forces with CBS and book publisher Simon & Schuster. Viacom Chief Executive Robert Bakish will lead the new combine, which will be known as ViacomCBS. The two companies used to be a single entity until 2006 when they split, but decided to link up again thanks, in large part, to the erosion of television audiences. The deal is also the last in the current wave of massive mergers between media companies, including AT&T and Time Warner and Disney and 21st Century Fox.

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