Media giants CBS Corp. (CBS) - Get CBS Corporation Class B Report and Viacom Inc. (VIAB) - Get Viacom Inc. Class B Report (VIA) - Get Via Renewables Inc. Report have resumed merger talks, but picking a CEO to run the company is a sticking point, The New York Post reports.
The negotiations restarted a day after Viacom settled a contract dispute with AT&T Inc. (T) - Get AT&T Inc. Report , agreeing to continue airing Viacom's shows, avoiding a service interruption to subsidiary DirecTV and its 20 million consumers.
New York-based Viacom owns BET, MTV, Comedy Central and Nickelodeon among other networks.
"We are pleased to announce a renewed Viacom-AT&T contract that includes continued carriage of Viacom services across multiple AT&T platforms and products," the companies said in a joint statement. "The deal also brings AT&T customers more choice and improved value for Viacom content."
Settling those billion-dollar carriage contracts placed Viacom on CBS's target list, according to the report.
CBS declined to comment to the New York Post, which said that CBS and its board are expected to approach Viacom with an offer in the next few weeks.
CBS was trading up 5.53% on Tuesday around noon to $48.03; Viacom saw its class B shares up 10.62% to $29.10 and its class A shares up 6.57% to $34.96.
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