After Viacom delivered a presentation to CBS last Wednesday, Viacom is waiting for CBS to make an offer, sources told CNBC.
During the presentation, Viacom detailed its strategy and shared how the company, which is the parent company of MTV, Nickelodeon, Comedy Central and others, has been performing in hopes of eliciting a premium bid from CBS.
The Redstone family, who own the majority of voting shares of CBS and Viacom through their privately held National Amusements, want to recombine the two media giants a decade after they split up. Both company have set up a special committee of directors to explore a potential merger and have hired bankers as advisers.
On Nov. 10, Shari Redstone, vice chair of the board at CBS and Viacom, cited increased scale as one reason it makes sense for the two companies to reunite.
At Viacom, there was been a battle over control of the company. Redstone's father, Sumner, the controlling shareholder of Viacom and CBS, escalated an ouster of Viacom CEO Philippe Dauman earlier this year.
—With reporting from CNBC's David Faber
Reuters contributed to this report