CBS Corp.'s CBS, -1.32% initial bid for Viacom Inc. VIA, -2.02% VIAB, -1.64% would value Viacom below current market value, according to a Reuters report citing sources. CBS Corp. Chief Executive Les Moonves offered to stay at the helm for at least two years if the companies agree on terms of the merge, according to Reuters. The companies formed committees in February to evaluate a potential combination as Shari Redstone, vice-chair of both CBS and Viacom, has pushed for the two companies to merge. Variety magazine reported in March that executives from both companies were to meet to begin discussions about the valuations. Shares of CBS were flat in late trading Monday after ending the regular session down 1.3%, while shares of Viacom were off 2.5% after closing the day down 1.6%. Viacom's market capitalization is more than $12 billion.