Viacom (VIAB) Forms Special Committee; Will Explore Potential Combination with CBS (CBS)

September 30, 2016 4:03 PM EDT

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The Board of Directors of Viacom Inc. (Nasdaq: VIAB,)(Nasdaq: VIA) formed a Special Committee of Independent Directors (“Special Committee”) to evaluate the request by National Amusements that Viacom explore a potential combination with CBS. National Amusements, directly and through subsidiaries, owns approximately 80% of the Class A (voting) common stock of both Viacom and CBS.

The Special Committee is comprised of independent directors Thomas May and Nicole Seligman, who will act as co-chairs, and Kenneth Lerer, Judith McHale, Ronald Nelson and Charles Phillips. The Special Committee has retained Debevoise & Plimpton LLP as its independent legal advisor, and expects to retain an independent financial advisor.

The Special Committee does not intend to comment further unless and until it determines that additional disclosure is appropriate.

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