New York - CBS and Viacom announced a long-anticipated reunion Tuesday, bringing together their television networks and the Paramount movie studio as traditional media giants bulk up to challenge streaming companies like Netflix.

Viacom CEO Bob Bakish, who will become CEO of the combined company, said the new ViacomCBS will be “one of only a few companies with the breadth and depth of content and reach to shape the future of our industry.”

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

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 over-the-air network. MoffettNathanson analyst Michael Nathanson said Paramount’s movie library could be added to Showtime’s premium networks and streaming service, for instance, while CBS’ streaming service could get a boost from Viacom’s Nickelodeon video.... Read More: Vosizneias