CBS and Viacom announce deal to reunite

Photo: Sarah Ackerman
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NEW YORK (AP) - CBS and Viacom are set to reunite, bringing together their networks and the Paramount movie studio as traditional media giants challenge streaming companies like Netflix.

Viacom owns Paramount Pictures and pay TV channels such as Comedy Central, MTV and BET, while CBS has a broadcast network, television stations, Showtime and a stake in The CW network.

Analysts say the reunion will help both companies navigate an ever-competitive streaming landscape.

CBS was one of the first media companies to launch its own streaming service, CBS All Access. It now has a new "Star Trek" series and a revival of "The Twilight Zone." Now, Disney, NBCUniversal and WarnerMedia are jumping in with their own streaming services to challenge Netflix, Amazon and other tech companies encroaching into entertainment.