NEW YORK (TheStreet) -- Viacom (VIAB) and CBS (CBS) split a decade ago, but now might be the time for the two companies to come together again, CBS & Viacom Vice Chair Shari Redstone said on CNBC's "Squawk Box" on Friday morning.

"I think it makes sense at this point in time to explore whether it's in the interest of both companies to merge again," she said.

With the changing landscape in the media industry, "scale is going to matter" because you can offer more content, Redstone said. "It's going to matter to the consumer who's looking to choose among a broader array of content and what do they want? The more content you can offer them, the more choices you can give them, the happier they're going to be."

Gamco Investors (GBL) CEO and guest on today's show Mario Gabelli noted that if Republican FCC Commissioner Ajit Pai becomes the agency's new Chairman under President-elect Donald Trump, then he's going to be "much more interested in allowing the free market to function."

Viacom should buy CBS so that "[CBS CEO Leslie Moonves] gets a change of control premium and also gets a new contract," Gabelli said. However, Moonves would still need "control" for the deal to work. 

Shares of Viacom and CBS were higher in early afternoon trading on Friday. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

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