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Redstone's media empire included CBS and Viacom.
Analysts say the reunion will help both companies navigate an ever-competitive streaming landscape.
"This company cant be speaking out of both sides of its mouth," said Paramount Network executive Keith Cox.
The hits keep coming for the "Roseanne" star.
WHAT'S HAPPENING
Lee brought more original shows to the black entertainment network and focused on family programming.
Dalian Wanda Group, which bought production company Legendary Entertainment in January, has been trying to expand its U.S. movie business.
Days ago Redstone suggested ousting Viacom Chief Executive and the board of directors.
The entertainment is gripped by the trial, as Redstone has majority control of media companies Viacom and CBS.
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