Time Warner Inc and CBS Corp have flirted about a merger for many years and now may be a good time for it to happen. 

CBS share values have been at its highest levels since it split with Viacom and is fetching the lowest valuation against earnings amongst its industry segment according to data complied by Bloomberg. Many analysts say that in purchasing the most watched broadcast network would allow Time Warner to leverage higher fees from pay television systems that carry its programming as it also owns cable channels CNN and TNT.

The two already run a viable partnership in CW Network, which feature top rated shows as "The Big Bang Theory" and the NCAA "March Madness". The two media moguls complement one another, as Time Warner runs one of the most prolific studios while CBS has the highest broadcast ratings.

No deal though can push through without the imprimatur of the 89 year old billionaire Sumner Redstone as he owns 78% of CBS's voting rights. When he split Viacom and CBS, he kept firm control over the two companies and would be hesitating to sell CBS.