Viacom hits back

CBS bid about as solid as SpongeBob

That didn’t take long. Viacom on Wednesday “immediately rejected” a below-market takeover bid from CBS, according to a report — setting the stage for the media conglomerate to make a counteroffer.

The CBS offer, 0.55 shares in the Les Moonves-led company for every share of Viacom stock, according to a CNBC report, valued the parent of MTV and Comedy Central at below its market capitalization.

Viacom, led by Chief Executive Bob Bakish, believes it’s worth a premium to its $12.7 billion market cap — especially since it expects $1 billion in cost savings from a possible merger.

As such, Viacom believes a “market price” ratio is 0.62 and is looking for a premium above that, according to the report, which cited unidentified sources.

Shares of CBS on Wednesday rose 1.8 percent, to $53.79, on the report, while Viacom’s stock dipped 1.8 percent, to $35.75.

While the two companies battle over valuation, tensions seem to be rising over who will help lead the merged companies.

CBS is proposing that Moonves run the combined company — with his current No. 2 taking on a similar role post-merger.

But Bakish is angling to be second in command in a merged CBS-Viacom, according to CNBC.

Both companies are controlled by media mogul Sumner Redstone’s National Amusements Inc.

Redstone’s daughter, Shari Redstone, also favors Bakish in that role, despite Moonves’ wishes, according to reports.

BTIG analyst Rich Greenfield expressed skepticism that the two CEOs could work together as a team.

“I think it’s just incredibly awkward,” he said, referring to times when Moonves has criticized Viacom’s portfolio.

“Les has s--t on [Bakish’s] business every day … I just don’t know how it works,” Greenfield said.

If Moonves gets his way and runs the company with CBS Chief Operating Officer Joe Ianniello, the company would be “doomed to fail” due to its disdain for Viacom, shown via its “lowball offer,” Greenfield said.