Shari Redstone who is Chairwoman of Viacom and CBC was hobnobbing with industry executives including Apple's CEO at the Allen & Company Sun Valley Conference in Idaho last month. Ms Redstone is seen in our cover photo above wearing her Apple Watch. CBS All Access is now available on Apple TV, so to a certain extent Apple and CBS have a positive relationship.

Yet with that said,  business is business and when it comes to landing top content for their respective services, CBS and Viacom have agreed to Merge and go back to the way it was before Viacom spun off CBS in 2006.

Ms Redmond has long desired putting the companies back together to gain scale in a media environment where competitors including Disney, Comcast and AT&T have bulked up through a series of megadeals.

Redstone said in the statement: "I am really excited to see these two great companies come together so that they can realize the incredible power of their combined assets. My father once said 'content is king', and never has that been more true than today."

CNBC's report further noted that "Shari Redstone has advocated for a deal to give a combined company more financial heft to compete against media and tech heavyweights including Amazon and Apple for entertainment and sports rights, most notably the National Football League. CBS owns NFL broadcast rights until 2022 and “will do what is necessary” to renew them, according to CBS Sports chief Sean McManus. Redstone will be the new chair of the combined company. For more on this, read the full CNBC report.

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