CBS

New company will be called ViacomCBS Inc.

Would call for a one-year transition period before a free market takes over.

PBS and commercial networks plan for in-depth coverage of the proceedings.

Los Angeles is the second market, after New York, to get the service.

The deal covers TEGNA stations serving 11 markets, including Houston and Washington, D.C.

"The Department of Justice should be paying close attention."

The two companies will reunite under the ViacomCBS Inc. banner.

Multiyear agreement brings CBS content back on air for blacked out markets.

Covers stations in 15 markets and nearly six million households.

The two companies have reportedly agreed on what the leadership team would look like in the event of a merger.