The two media and entertainment companies, which split up in 2006, announced their $28 billion (by revenue) merger agreement last week. The deal, which is expected to complete this year, will bring together their capabilities and assets under a new company called ViacomCBS Inc.
CBS was advised by Paul Weiss Rifkind Wharton & Garrison, with IP lawyer Charles H Googe Jr. among the lawyers involved in the deal.
Latham & Watkins advised Viacom’s financial advisors.
National Amusements Inc (NAI), which owns stakes in Viacom and CBS, was advised by Cleary Gottlieb Steen & Hamilton.
A key strategy behind this deal is to capitalise on their strong global brands and strengths in content production to compete in a changing market in which the likes of Netflix and Amazon are becoming powerful.
According to the press release, “the combined company will possess a portfolio of powerful consumer brands, including CBS, Showtime, Nickelodeon, MTV, BET, Comedy Central and Paramount Network, as well as one of the largest libraries of iconic intellectual property…” and part of its growth strategy is to become “…a leading producer and licensor of premium content to third-party platforms globally”.
Read the fact sheet on the deal here.