Shari Redstone, whose family controls CBS and Viacom, has reportedly made a critical concession to resolve an impasse that has been stalling negotiations to reunite the companies.
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She has offered to CBS CEO Leslie Moonves to drop her demands for Viacom CEO Bob Bakish to be his No. 2 following a merger as long as Bakish sits on the combined company's board, people familiar with the matter told Reuters on Friday.
Redstone has been trying to put together a deal that will keep Moonves in the top job and position Bakish as Moonves' successor.
The shares of CBS and Viacom advanced Friday.
Moonves has agreed to run the combined company for at least two years as long as CBS Chief Operating Officer Joseph Ianniello will be president and chief operating officer of the combined company and be in line to succeed him, sources have told Reuters.
Redstone is daughter of the fabled media mogul Sumner Redstone.