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CBS-Viacom merger closes; Apple completes Intel smartphone modem business buy


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CBS-Viacom merger closes; Apple completes Intel smartphone modem business buy

S&P Global Market Intelligence provides a wrap-up of U.S. companies' technology, media and telecommunications deal announcements, completions and updates from Dec. 3 to Dec. 9.

Top News

* Viacom Inc. and CBS Inc. completed their merger Dec. 4, less than four months after the companies agreed to reunite in an all-stock transaction. The combined company, ViacomCBS, will be home to more than 140,000 premium TV episodes and 3,600 film titles, with global production capabilities and more than $13 billion in annual content investment. The company will account for 22% of TV viewership in the U.S.


* Facebook Inc. is selling its virtual reality sculpting tool, Oculus Medium, to Adobe Inc. Medium users can continue to use the app for free by activating new Oculus Touch controllers on the Oculus Store. Adobe will continue to add more features to the app in 2020. Financial terms of the deal were not disclosed.

* Thoma Bravo LLC agreed to purchase Instructure Inc. in a deal that values the education software company at approximately $2 billion. The private equity firm will pay $47.60 per share in cash to Instructure's shareholders, reflecting an 18% premium to the target company's three-month volume-weighted average price, as of Oct. 27.


* Anime-focused streaming service Crunchyroll completed the acquisition of a majority stake in VIZ Media Europe SARL, a France-based anime distributor. The transaction's financial details were not revealed. Crunchyroll is owned by AT&T Inc.'s Otter Media Holdings LLC.

* Travel platform TripAdvisor Inc. acquired menu management company SinglePlatform LLC from Endurance International Group Holdings Inc. SinglePlatform works with restaurants to publish and manage their menus and other information on search and discovery sites.

* Middle-market private equity firm Transom Capital Group LLC acquired Scantron Corp. which provides assessment and survey services.

* Dolphin Entertainment Inc. acquired public relations and media management company Shore Fire Media, for an undisclosed sum.

* GTT Communications Inc. completed the acquisition of KPN NV unit KPN International NV for about €50 million in cash. The company said the acquisition will add more than 400 customers to its client base.

* Digital media holding company Bright Mountain Media Inc. closed its merger with News Distribution Network Inc., a company that provides data-driven technology services for video content.

* Apple Inc. completed the purchase of Intel Corp.'s smartphone modem business in a transaction valued at $1 billion. The transaction, which was announced in July, will allow Intel to focus on developing technology for 5G networks. As part of the deal, approximately 2,200 Intel employees will join Apple. Intellectual property, equipment and leases are also included in the transaction.


* Madison Square Garden Co. filed confidentially with the U.S. Securities and Exchange Commission for the proposed separation of its sports and entertainment businesses. The company expects to complete the split in the first quarter of 2020, subject to certain conditions. The proposed transaction would be structured as a tax-free spinoff that allows all Madison Square Garden shareholders to retain interests in both the sports and entertainment business. The Dolan family would maintain majority voting control of both the sports and entertainment companies through their ownership of class B shares. The transaction is subject to various conditions, including league and final MSG board approval.