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?.