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CBS, Viacom boards meeting to hash out merger details

CBS Corp. and Viacom Inc.'s respective boards are set to meet in the week of March 26 to discuss the valuations of both companies for a possible merger, Variety reported.

The deal is expected to be an all-stock transaction, with CBS Corp. being the acquiring entity and CBS Corp. Chairman, President and CEO Leslie Moonves leading the combined entity.

Moonves and Viacom President and CEO Bob Bakish have discussed a potential merger already this year, according to reports. The two companies have formed separate special committees of independent directors to explore the deal.

National Amusements Inc., the holding company controlling 80% of the voting stock in CBS and Viacom, previously encouraged the two media conglomerates to explore a deal in September 2016. However, the company withdrew the proposal in December 2016, saying that after "careful assessment and meetings with the leadership of both companies, we have concluded that this is not the right time to merge the companies."

According to Variety, the main hurdle is reaching an agreement on the right valuation for Viacom.