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For CBS, which announced last week that it is evaluating a merger with Viacom, the case for a deal just got stronger.

Viacom, owner of networks such as MTV, Comedy Central and Nickelodeon, reported net profit of $535 million on Thursday, or $1.33 a share for its fiscal first quarter, up from $396 million, or $1 a share, a year earlier. Revenue still fell 7.6%, to $3.07 billion, missing analysts’ estimates of $3.14 billion as subscribers continued to cut the cord in favor of streaming services. Paramount, Viacom’s movie division,…

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