Viacom Board Naming Special Committee to Review CBS Merger
01 October 2016 - 1:40AM
Dow Jones News
Viacom Inc.'s board of directors is forming its special
committee to explore a potential merger with CBS Corp., and most
members will be newcomers handpicked by Shari Redstone, whose
family controls the companies, according to people familiar with
the matter.
On a conference call Friday morning, the board is expected to
appoint a special committee made up largely of new directors who
were named to the board in the wake of a bruising power struggle
this summer between the Redstone family and Viacom's management,
which led to the ouster of former Chief Executive Philippe
Dauman.
The new board members include Chairman Thomas May, Kenneth
Lerer, Nicole Seligman, Judith McHale and Ronald Nelson. The
special committee is also expected to include one longtime Viacom
director, Charles Phillips.
"There will be a balance more on the new side than the old
side," one person predicted. Mr. Phillips will be tapped because of
his considerable experience with merger and acquisitions, the
person said.
The special committee is hiring law firm Debevoise &
Plimpton to advise it, according to people familiar with the
matter.
This week, the Redstones' holding company, National Amusements,
sent a letter to the boards of Viacom and CBS calling on them to
explore a reunion of the media giants. National Amusements is the
controlling shareholder in both companies.
Write to Keach Hagey at keach.hagey@wsj.com and Joann S. Lublin
at joann.lublin@wsj.com
(END) Dow Jones Newswires
September 30, 2016 11:25 ET (15:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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