CBS and Viacom have agreed to become ViacomCBS, as part of a deal to reunite the media companies after 13 years

Reuters/Brendan McDermid/File Photo

Shari Redstone.

• CBS and Viacom reached a deal on Tuesday to reunite the two companies after 13 years apart.
• The proposed deal, if completed, would create a media giant called ViacomCBS, Inc. with roughly $28 billion in revenue.
• Viacom CEO Bob Bakish will lead the combined company as president and CEO, and current CBS CEO Joe Ianniello will serve as CBS' chairman and CEO.
• Shares of CBS and Viacom were flat during afternoon trading, when the deal was announced. The market previously reacted to reports that a deal announcement were imminent.
• Visit Business Insider's homepage for more stories.

CBS and Viacom struck an all-stock deal on Tuesday to reunite the two companies, after 13 years apart, the companies announced on Tuesday.

The merger, if completed, would created a media giant, called ViacomCBS, Inc., with roughly $28 billion in revenue.

Viacom CEO Bob Bakish would lead the combined company as president and CEO, and current CBS CEO Joe Ianniello would serve as CBS' chairman and CEO, the companies said.

Shares of CBS were flat around $48.35 during afternoon trading, when the deal was announced. Viacom shares were also flat around $28.71. The market previously reacted to reports that a deal announcement were imminent.

As part of the all-stock deal, CBS agreed to convert each share of Viacom stock, including Class A voting shares and Class B non-voting shares, into 0.59625 of respective CBS shares.

We spoke to Viacom employees about their hopes and fears following the merger, and what they expect to happen next, which includes more M&A.

Read our full report on Viacom insiders' reactions to the merger on Business Insider Prime.

This story is developing...