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CBS and Viacom Near Merger After Agreeing on Board

  • Companies could announce transaction as soon as next week
  • CBS would get six out of 13 board seats while Viacom gets four

CBS Corp. and Viacom Inc. are one step closer to merging after agreeing on the structure of the combined company’s board, according to people familiar with the matter.

That paves the way for the long-awaited transaction to be announced as soon as next week, said the people, who asked to not be identified because the matter isn’t public. They are still negotiating the exchange ratio of the potential all-stock merger, which could delay an announcement, they said.