Viacom to Explore Strategic Investment Partnership for Paramount Pictures
NEW YORK--(BUSINESS WIRE)--
Viacom Inc. (NASDAQ: VIAB, VIA) has initiated a process to explore
opportunities for a significant strategic minority equity investment in
Paramount Pictures. The announcement was made today by Philippe Dauman,
Viacom's Executive Chairman, President and CEO, at the Jefferies Media &
Communications Conference in New York City.
"We have received indications of interest from potential partners
seeking a strategic investment in Paramount Pictures and I have decided
to pursue discussions with a select group of potential investors," Mr.
Dauman said. "In this time of change and enormous opportunity in our
industry, a partnership will bring significant benefit to Paramount and
Viacom, both strategically and financially, provide new opportunities
for Paramount's employees and talent, and enhance long-term value for
all Viacom shareholders."
"Paramount Pictures has been a leading motion picture studio for more
than a century and is among a select few that has significant reach and
scale, a deep library, a robust pipeline with proven global franchises,
and a high potential television production operation," Mr. Dauman added.
"In addition, the value of motion picture content continues to increase
with the explosion of screens and the rapid expansion of the global
theatrical market. This is the perfect time to explore new strategies to
capitalize on Paramount's content expertise and global platform,
maximize opportunities for its continued growth, and unlock the value of
the business for the benefit of shareholders."
Viacom has retained PJT Partners as its financial advisor to assist with
Viacom is home to premier global media brands that create compelling
television programs, motion pictures, short-form content, apps, games,
consumer products, social media experiences, and other entertainment
content for audiences in 180 countries. Viacom's media networks,
including Nickelodeon, Comedy Central, MTV, VH1, Spike, BET, CMT, TV
Land, Nick at Nite, Nick Jr., Channel 5 (UK), Logo, Nicktoons, TeenNick
and Paramount Channel, reach over 3.5 billion cumulative television
subscribers worldwide. Paramount Pictures is a major global producer and
distributor of filmed entertainment.
For more information about Viacom and its businesses, visit www.viacom.com.
Keep up with Viacom news by following Viacom's blog at
blog.viacom.com and Twitter feed at www.twitter.com/viacom.
About Paramount Pictures Corporation
Paramount Pictures Corporation (PPC), a global producer and distributor
of filmed entertainment, is a unit of Viacom (NASDAQ: VIAB, VIA), a
leading content company with prominent and respected film, television
and digital entertainment brands. Paramount controls a collection of
some of the most powerful brands in filmed entertainment, including
Paramount Pictures, Paramount Animation, Paramount Television, Paramount
Vantage, Paramount Classics, Insurge Pictures, MTV Films, and
Nickelodeon Movies. PPC operations also include Paramount Home Media
Distribution, Paramount Pictures International, Paramount Licensing
Inc., and Paramount Studio Group.
Cautionary Statement Concerning Forward-Looking Statements
This news release contains both historical and forward-looking
statements. All statements that are not statements of historical fact
are, or may be deemed to be, forward-looking statements. Forward-looking
statements reflect our current expectations concerning future results,
objectives, plans and goals, and involve known and unknown risks,
uncertainties and other factors that are difficult to predict and which
may cause future results, performance or achievements to differ. These
risks, uncertainties and other factors include, among others: the public
acceptance of our brands, programs, motion pictures and other
entertainment content on the various platforms on which they are
distributed; the impact of inadequate audience measurement on our
program ratings, advertising revenues and affiliate fees; technological
developments and their effect in our markets and on consumer behavior;
competition for content, audiences, advertising and distribution; the
impact of piracy; economic fluctuations in advertising and retail
markets, and economic conditions generally; fluctuations in our results
due to the timing, mix, number and availability of our motion pictures
and other programming; the potential for loss of carriage or other
reduction in the distribution of our content; changes in the Federal
communications or other laws and regulations; evolving cybersecurity and
similar risks; other domestic and global economic, business, competitive
and/or regulatory factors affecting our businesses generally; and other
factors described in our news releases and filings with the Securities
and Exchange Commission, including but not limited to our 2015 Annual
Report on Form 10-K and reports on Form 10-Q and Form 8-K. The
forward-looking statements included in this document are made only as of
the date of this document, and we do not have any obligation to publicly
update any forward-looking statements to reflect subsequent events or
circumstances. In particular, there can be no assurance that any
transaction will be completed or, if completed, the terms thereof. If
applicable, reconciliations for any non-GAAP financial information
contained in this news release are included in this news release or
available on our website at http://www.viacom.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160223006542/en/
Source: Viacom Inc.
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