CBS Reportedly Submits Viacom Bid

(RTTNews) - CBS Corp. (CBS-A, CBS) submitted its bid to acquire Viacom Inc., the owner of MTV and Comedy Central, according to reports citing people familiar with the plan. CBS is offering a below-market value for Viacom shares.

The reports noted that a special committee of five CBS board members put together the offer, which calls for CBS management to lead the recombined company.

An independent board committee at Viacom will now negotiate with its counterpart at CBS to agree on a price and operational structure that satisfies both sides. The companies aim to reach a deal before they report financial results in May, though the proposal offered no fixed timetable, the reports said.

Billionaire Sumner Redstone split CBS and Viacom in 2006, believing Viacom would be more valuable trading on its own.