The move follows CBS’ below-market bid for the company six days ago, which near threatened the merger all together.
A CNBC report states that Viacom has now asked for 0.68 shares for each Viacom class B share. The counteroffer would give Viacom holders a 41.5% stake.
Previously CBS had offered 0.55 of its shares for each Viacom class B share.
The companies have been pushed to negotiate by Sumner Redstone, the owner of both companies, according to the report.
CBS (CEO, Les Moonves pictured) will now consider its next steps in deal negotiations, sources close to CNBC have now said.