National Amusements Officially Asks Viacom, CBS to Re-Merge: Read the Letter Here
Sumner and Shari Redstone signed the all-stock pitch, which was sent to both companies’ boards of directors
National Amusements, Inc. (NAI) has officially proposed an all-stock merger of CBS and Viacom, touting, of course, potential “synergies.”
The Thursday letter, outlining the strong suggestion and signed by Sumner and Shari Redstone, is posted in its entirety below.
Today’s letter makes it clear that the Redstones aren’t interested in considering any third-party acquisitions for the struggling Viacom, which includes Paramount Pictures under its own umbrella.
The Redstone-controlled NAI, directly and through subsidiaries, owns approximately 80 percent of the voting shares of both publicly traded corporations, and about 10 percent of Viacom’s total common stock outstanding.
CBS and Viacom used to be one company until a 2005 spinoff.
c/o Leslie Moonves (Chairman, President and CEO)
To avoid any doubt, National Amusements is not willing to accept or support (i) any acquisition by a third party of either company or (ii) any transaction that would result in National Amusements surrendering its controlling position in either company or not controlling the combined company.
Chief Executive Officer