Morgan Stanley, Allen & Co, and LionTree were retained as advisers by the special committee of its board, Viacom said.
Viacom, which owns Nickelodeon and MTV, formed the committee of six independent board members last month to evaluate the merger proposal.
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Privately held National Amusements said last month that a merger would allow the combined company to respond aggressively to the challenges of the changing entertainment and media landscape.
National Amusements owns 80% of voting shares of both media companies.
Shares of CBS (cbs) and Viacom were up slightly in morning trading