CBS has submitted a bid to merge with Viacom, its former sister company, that is below market value, sources tell CNBC. Reuters reported Monday that a lower bid was to be expected.

Why it matters: The move shows that CBS clearly feels its position in the market is more valuable than Viacom's, as Reuters noted Monday when it first broke the news.

There has been reported drama over who would take the #2 spot in the company next to CBS’ current CEO Les Moonves. Some, including controlling shareholder Shari Redstone, reportedly want Viacom CEO Bob Bakish to take the spot. CBS' special committee looking into the merger reportedly wants Moonves and Joe Ianniello, the chief operating officer of CBS, to lead the company, the sources said.

The potential merger comes at a time of rapid consolidation within the industry. Legacy media companies are looking to take on tech giants, like Amazon and Netflix, that are investing in their own entertainment, sports and news content.

Viacom shares were down at market close Tuesday. CBS shares were up.

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New York daily coronavirus cases top 1,000 for first time since June

Photo: Chip Somodevilla/Getty Images

New York on Friday reported more than 1,000 new coronavirus cases for the first since June.

Why it matters: The New York City metropolitan area was seen as the epicenter of the COVID-19 pandemic throughout the spring. But strict social distancing and mask mandates helped quell the virus' spread, allowing the state to gradually reopen.

Updated 38 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 32,647,382 — Total deaths: 990,473 — Total recoveries: 22,527,593Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 7,053,171 — Total deaths: 204,093 — Total recoveries: 2,727,335 — Total tests: 99,488,275Map.
  3. States: U.S. reports over 55,000 new coronavirus cases.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.

America on edge as unrest rises

Louisville on Wednesday. Photo: Jon Cherry/Getty Images

Rarely have national security officials, governors, tech CEOs and activists agreed as broadly and fervently as they do about the possibility of historic civil unrest in America.

Why it matters: The ingredients are clear for all to see — epic fights over racism, abortion, elections, the virus and policing, stirred by misinformation and calls to action on social media, at a time of stress over the pandemic.