Viacom Merger

US-based Viacom Inc announced the merger of the operations of its units - CBS Cable and MTV Network. Tom Freston, chairman and CEO of MTV Networks, would be assuming responsibility for all operations of the merged entity.

Announcing the merger, Mel Karmazin, president and chief operation officer of Viacom Inc said that "Tom and the entire MTV Networks group are without peer in their ability to create cutting edge programming for targeted audiences, build unassailable brands and deliver extraordinary returns. Now combined with CBS Cable's strong networks the best get even better."

CBS's cable networks, TNN and CMT and Country Music Television, will join the MTV networks family of cable channels, which includes MTV, MTV2, Nickleodeon/Nick at Nite and the Box. The business operations of the combined unit will be based in New York.