National Amusements in $30.5 Billion Merger of CBS and Viacom

Cleary Gottlieb is representing National Amusements Inc. (NAI), the owner of approximately 80% of the voting stock of each of CBS Corp. (CBS) and Viacom Inc. (Viacom), in the merger of CBS and Viacom, two of the world’s leading entertainment companies.

The transaction will create a combined company called ViacomCBS Inc., with more than $28 billion in annual revenue and a market capitalization of $30.5 billion. NAI has agreed to deliver consents sufficient to assure approval of the transaction.

The transaction is subject to regulatory approvals and other customary closing conditions. It is expected to close by the end of 2019.

NAI, the Redstone family holding company, is the owner of approximately 80% of the voting stock of each of CBS and Viacom and a world leader in the motion picture exhibition industry operating more than 950 movie screens in the U.S., UK, and Latin America. National Amusements delivers a superior entertainment experience in theatres around the world under its Showcase, Cinema de Lux, Multiplex, SuperLux, and UCI brands.