There may not be an idle Wall Street professional come November thanks to Sumner and Shari Redstone.
The two main pieces of the family’s $40 billion media empire — Viacom and CBS — are set to spend tens of millions of dollars on an army of bankers, lawyers and advisers as the companies work to determine if a merger of the two companies is feasible.
The Redstone’s National Amusements Inc., which owns 80 percent of the voting rights of both companies, asked the two media giants in September to look into a merger.
Viacom’s independent committee, established to weigh the pros and cons of such a combo, said Friday it hired Morgan Stanley, Allen & Co. and LionTree Advisors.
It is also working with PR agency Sard Verbinnen.
Viacom already spent millions on law firm Paul, Weiss to represent the interests of its former Chief Executive Philippe Dauman in his legal battle against the Redstones — who wanted to dump him.
Viacom, which owns MTV, Nickelodeon and Paramount Pictures, also worked with bank PJT to drum up interest in Paramount before it was pulled off the market after Dauman’s exit.
Meanwhile, CBS is interviewing banks including Goldman Sachs and JPMorgan to represent its interests if a merger proceeds, sources told The Post.
CBS has its own special committee looking at the prospective merits of a deal.
That committee is working with Lazard, a longtime CBS banker. Lazard’s late boss, Bruce Wasserstein, is a distant cousin of CEO Leslie Moonves.
Banks usually work on a percentage fee basis, while law firms charge anywhere upward of $1 million a month.
PR firms can charge anywhere between $50,000 to $250,000 a month, sources said.
Separately, sources say, the real question is whether CBS will pay any kind of premium for Viacom.
The two were part of the same company until 2006 when they separated.
“The only question is whether Viacom deserves a premium,” a source added. “Is it growing or shrinking?”
There is also the prospect that Viacom attracts other offers for the whole or for its parts — though NAI has stated its desire not to entertain outside offers. That may be tricky.
“Who is really calling the shots?” asked one corporate expert. “And who has the power to make a sale happen and … what is in the best interest of shareholders.”
“What happens,” the expert added, “when better offers come over the transom?”
Separately, lawyers currently working for the two companies have been pondering the fate of Viacom’s chief legal eagle Michael Fricklas.
“Some think Viacom can’t afford to lose him and that he’s probably going to stick it out,” one source said.