Viacom will begin making content directly for Netflix as part of a "studio model" strategy. The first show to be produced exclusively for the streaming platform will be Nickelodeon's "Pinky Malinky," with plans for more shows to follow from MTV, BET and other Viacom networks.

MTV has announced the launch of MTV Studios, a division that will focus on producing new programming and reboots of old series for streaming platforms. Classic revivals include "Daria" and "The Real World," with new original series such as "The Valley" and "MTV's Straight Up Ghosted" also on tap.

Two years ago, many analysts, members of the press, Wall Street and the public were predicting the demise of Twitter, but the company has made an unexpected comeback, beating earnings estimates and drawing in advertisers, former employees and users. Its commitment to rethinking its strategy, its focus on news and its addition of premium live video have contributed to its success story.

The approval of the AT&T-Time Warner merger is a good sign for potential regulatory approval of the T-Mobile-Sprint deal, Sprint CEO Michel Combes says. He says a merger would improve competition and pricing and make it easier to build networks in rural areas.

Disney in a regulatory filing Thursday stated that it would be willing to divest more 21st Century Fox assets to gain regulatory approval for its $71.3 billion bid. The company is prepared to sell Fox assets that generate up to $1 billion in cash flow, which could include Fox's regional sports networks.

Tensions between Comcast CEO Brian Roberts and 21st Century Fox Executive Chairman Rupert Murdoch could hurt Comcast's bid to acquire Fox assets. Sources say that Murdoch thinks more favorably of Disney CEO Bob Iger and that his skepticism of Roberts and concerns over potential regulatory risks could be a determining factor as to which company's bid is successful.

More than 85% of millennials in broadband homes in the US subscribe to an over-the-top service, per a Parks Associates study. More than half of the demographic subscribes to at least two services, while over one-quarter subscribe to three or more, the study showed.

ABC has announced that it has ordered "The Conners," a spinoff of hit TV show "Roseanne." The show is scheduled to debut this fall and will feature all the original cast members except Roseanne Barr, whose racist tweets led to the rebooted series being canceled.

Regulatory approval for the AT&T-Time Warner deal has resulted in speculation that a media merger frenzy is on the horizon, but few signs indicate that it will occur, writes Peter Kafka. Potential deals between AT&T and other companies, as well as the competing bids for 21st Century Fox assets, were on the table before the AT&T-Time Warner approval, and companies such as Charter Communications and Verizon have indicated that they have no interest in content companies.

The Federal Communications Commission is expected to approve several changes to Emergency Alert System tests next month in a bid to make the system more effective and reliable. New rules would include the voluntary use of live header codes and the EAS alert tone under certain circumstances.