What if Viacom and CBS didn't demerge in 2006?

In late 2005, as a wake of a stagnating stock price and the rivalry between CBS head Les Moonves and MTV Networks head Tom Freston, the Viacom board of directors agreed to split into two new companies: CBS Corporation (comprising CBS, UPN, Infinity Broadcasting, Viacom Outdoor, Showtime Networks and Paramount's television studio) and the new Viacom (comprising MTV Networks, BET Networks and Paramount Pictures).

But what if the board of directors opted for a different solution and kept both companies as a single one?

This theory is interconnected to What if Comcast acquired The Walt Disney Company back in 2004?.

List of changes

 * Viacom opted to sack Tom Freston from his position, appealing to a better environment between Moonves and Freston's successor Philippe Dauman.
 * The current Viacom logo would still be adopted.
 * Viacom would currently consist of seven primary units: CBS Broadcasting, Viacom Media Networks, Showtime Networks, Paramount Pictures, Viacom International Media Networks, CNET and Simon & Schuster.
 * While CBS and Paramount's television production units would still merge with each other, the combined unity would keep the CBS Paramount Television name.
 * CBS Films wouldn't likely exist, with its films being produced and distributed by Paramount.
 * Epix wouldn't exist, since Paramount, as well as MGM and Lionsgate, would keep its first-run film output agreement with Showtime.
 * However, Lionsgate would still move later on its first-run film output agreement to Starz.
 * CBS All Access would also include content from Paramount, MTV, VH1, Nickelodeon, Comedy Central, TV Land, BET, CMT and Logo as well.

Nickelodeon

 * SpongeBob SquarePants (1999-present)
 * Velocity: The Dark Human Slayer (1999-2003; 2018)
 * As Told By Ginger (2000-2006)
 * The Fairly OddParents (2001-2017)
 * Invader Zim (2001-2006)
 * ChalkZone (2002-2008)
 * The Adventures of Jimmy Neutron Boy Genius (2002-2006)
 * All Grown Up! (2003-2008)
 * My Life as a Teenage Robot (2003-2009)
 * Danny Phantom (2004-2007)
 * Avatar: The Last Airbender (2005-2008)
 * Catscratch (2005-2007)
 * The X's (2005-2006)
 * El Tigre: The Adventures of Manny Rivera (2007-2008)
 * Gatopardos the Cheetah (2007-2012)
 * Back at the Barnyard (2007-2011)

MTV

 * Beavis and Butt-Head (1993-1997; 2011)

Comedy Central

 * South Park (1997-present)

CBS Paramount Television

 * Entertainment Tonight (syndication, 1981-present)
 * Wheel of Fortune (syndication, 1983-present)
 * Jeopardy! (syndication, 1984-present)
 * The Oprah Winfrey Show (syndication, 1986-2011)
 * Late Show with David Letterman (CBS, 1993-2015)

Nickelodeon

 * All That (1994-2005; 2019-present)
 * Romeo! (2003-2006)
 * Drake & Josh (2004-2007)
 * Ned's Declassified School Survival Guide (2004-2007)
 * Unfabulous (2004-2007)
 * Zoey 101 (2005-2008)
 * Mr. Meaty (2005-2009)
 * Just for Kicks (2006)

Comedy Central

 * The Daily Show with Jon Stewart (1999-2015)