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He replaces the anchor team of John Dickerson and Maurice DuBois, who both left the network in recent months.
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The seven-year deal has an average annual value of $1.1 billion, the companies said Monday.
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Paramount + and CBS watchers have the chance to jump into their favorite shows this weekend at 'The Lodge' at Palisades Tahoe.
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O'Donnell is becoming a special correspondent focusing on big interviews for CBS after the presidential election.
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The new combined company is valued at around $28 billion.