Investing.com - CBS and Viacom are closing in on a deal that would value Viacom below its closing price on Friday, Reuters reported.
CBS Corporation (NYSE:CBS) fell 1.2% while Viacom (NASDAQ:VIA) slumped 3.9%.
Shareholders of Viacom could receive just above 0.595 to 0.5965 CBS share for each share they own, sources told Reuters.
The deal, which is expected to be announced as soon as Monday, will bring together their networks and subdivisions, including book publisher Simon&Schuster and Paramount movie studio.
This is the third attempt by CBS to bring the two companies together since 2016, as previous talks have broken down due to clashes over valuation and allocation of top jobs.