Viacom said its board formed a special committee of independent directors to evaluate a request by Redstone family holding company National Amusements that Viacom explore a combination with CBS.
National Amusements holds 80% of the voting stock of both Viacom and CBS. The two companies were separated 10 years ago.
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.