CBS Corporation (NYSE:CBS) and Viacom Inc. (NasdaqGS:VIAB) are in the final stages of negotiating an all-stock merger that values Viacom at a discount to its closing price on August 9, 2019, two sources told Reuters. Viacom shareholders will receive just above 0.595 CBS shares for each share they own, the sources said, adding that the final terms could still change. One source said the range was between 0.5960 and 0.5965.

The deal, which could be announced as early as August 12, 2019, will reunite CBS and Viacom.