CBS has submitted a bid for Viacom that is below market value, sources familiar with the situation said.

The CBS special committee wants CBS CEO Les Moonves and Joe Ianniello, the chief operating officer of CBS, to lead the company, the sources said.

Viacom's class B shares closed Tuesday down 3.7 percent to $29.42, giving the company a market value of $12.18 billion. CBS shares ended Tuesday up 4.2 percent to $52.86.

Whether a deal between the two occurs doesn't necessarily hinge on price, but rather the composition of the management team, the sources said. CNBC reported earlier Tuesday that the two sides had hit a roadblock over who would be the second in command behind Moonves in a battle between Ianniello and Bob Bakish, the CEO of Viacom.