Bankers representing CBS Corp. and Viacom Inc. reportedly have started to finalize terms and management structure in an attempt to merge the two media properties controlled by Sumner Redstone’s National Amusements Inc.

If progress continues, a formal deal could be announced in the coming weeks that would finally merge the two sister companies, Fox Business Network’s Charles Gasparino and Lydia Moynihan reported.

“The talks are fluid and they could hit a snag and breakdown, as they have over the three years that the merger of the outfits has been considered. Possible snafus could arise over who will be named chief executive officer of the combined companies, and how much shareholders of each company will receive in the newly combined entity,” the Fox report said, citing people with knowledge of the matter.

The reunion of the companies that were brought together in 2000 and split up again in 2006 has been expected for more than three years, Reuters reported. Controlling shareholder Shari Redstone has advocated for the consolidation to help both companies better compete against its larger media rivals and tech giants.

The prospect of CBS and Viacom reuniting sparked a bloody corporate legal battle last year between CBS, then lead by Leslie Moonves, and Redstone for control of CBS. But Moonves was ousted last fall amid the revelation of disturbing sexual misconduct allegations. The litigation was settled and CBS' board of directors was overhauled with members who are expected to be more open to a Viacom acquisition than the previous regime.

The question of post-merger leadership of the enlarged company had also been a source of friction that is now eased by the fact that Moonves it out of the picture.

Viacom president-CEO Bob Bakish has headed Viacom since late 2016. CBS at present is led by president and acting CEO Joe Ianniello, who was formerly COO under Moonves. CBS recently called off its search for a new CEO, which was widely read as a sign that Viacom merger talks were on the near-term horizon.

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