Viacom wants CBS to improve its offer to merge by nearly $3 billion.
Viacom would be valued at $11.9 billion, below its current market capitalization of $12.7 billion. Viacom's counterproposal puts the value of the company at $14.7 billion, according to CNBC.
The report says Viacom asked for 0.68 CBS shares for each Viacom class B share. CBS had offered 0.55 of its shares for each Viacom class B share. The new offer would mean Viacom holds a 41.5% stake in the combined company.
Also, Viacom refuted CBS’ plan on who would be second-in-command behind Les Moonves, chairman/CEO of CBS.
CBS wants COO Joseph Ianniello to have the role of president and COO; Viacom says it wants Robert Bakish, CEO of Viacom to take that spot.
Early morning trading of Viacom’s stock is down 0.1% to $30.87; CBS is 0.23% higher to $52.96.