CBS and Viacom Said to Near Merger Deal

CBS and Viacom have agreed to a merger with an exchange ratio valuing Viacom at current market rates. The merger aims to provide scale to compete with giants like Netflix and Disney. Despite past struggles, Viacom has seen some success under Bob Bakish. The merger is controlled by Shari Redstone's National Amusements, with Bob Bakish as CEO and Shari Redstone as chairman.

What changes have occurred in CBS's management that may have influenced the merger?

How does the merger aim to help CBS and Viacom compete with larger companies like Netflix and Disney?