Viacom proposes merger with CBS
Viacom Inc., which owns MTV and Paramount Pictures, has offered to buy CBSCorp., one of the Big Three US television broadcasters, for $37 billion instock, the largest media transaction ever. The new company, which willstill be called Viacom, will be led by Sumner Redstone who will remainViacom's chairman and chief executive. CBS President and Chief ExecutiveMel Karmazin will be president and chief operating officer. The deal ispart of what is expected to be a wave of consolidation in the TV industry