CBS Corp. and Viacom Inc. have reached a working agreement on the management team that will lead the combined company in the event of a merger, people familiar with the matter said, resolving a critical question that threatened to stand in the way of a deal.

Bob Bakish, the chief executive of Viacom, will be CEO of the combined company, the people said. Joe Ianniello, the acting chief executive of CBS, will be offered a job overseeing all of CBS-branded assets at the combined company under the working agreement, they said.

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