Viacom and CBS Boards Name Special Committees to Review Merger

The boards of Viacom Inc. and CBS Corp. are moving quickly to explore the merger recommended by their controlling shareholder.

A day after Sumner Redstone’s National Amusements publicly urged the media companies to look into a possible merger, Viacom’s board of directors formed a special committee consisting largely of newcomers handpicked by Mr. Redstone’s daughter, Shari.

Ms. Redstone emerged victorious from a brutal power...